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If the car is titled in Texas as a 1965, you will receive a California title also designating it as model year 1965, period. No muss, no fuss.
Morgester pointed out in this very thread that is the way CA DMV is moving forward on this issue - giving full faith and credit to the former state's model year designation. I have an Arizona car, previously titled there as 1965 and now titled in California as the same.
Coincidentally, I was at the DMV today to pick up my vanity plates and re-confirmed all this with the supervisor there.
If your car is titled in Texas as a specially constructed vehicle, or a model year that requires smog testing in CA, you will need to go through the SB100 process.
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