Yes, it's a salvaged No32 similar to PL's Knowledge Libraryentry (Phoenix from ashes) except they appear to have used the whole length of No42 telescope rear tube, then lathed down to 1" and marked (incorrectly) as a No42MkI REL.
Either the original No32 scope or the donor No42 scope (or both) may well have been an REL, but the current markings are spurious.