I had been recalling from memory on the new rules, but here they are:
Registration and Title Bulletin - #004-12
See attachment and section on "Custom Vehicle." As I read it if you want to pursue registering this as a 1965 car, the brand on your title will be REPLICA, not Ford or ERA. These are the rules the local county tag office will follow if you take that path. It also explains what happens if you go the ASVE route and want to convert later. Notice that as Sammy said earlier a pencil tracing suffices rather than going through the form VTR-68A process and inspection.
Also see item 18 on the attachment. Personally I would rather have an ASVE title, which lays in a drawer than no one sees and my original 1966 black plates that makes the car look vintage, than have a 1965 title laying in a drawer that no one sees and says REPLICA anyway, and have to run those those doofy looking plates that say "Custom Vehicle."
Jim
p.s. Screw all this titling crap and get over here and take me for a ride in that bad boy.