Top is good. The pin in the clamp obviously broke at some point in this thing's long life and was replaced with that knob thingie. Pretty clever actually. The bottom could be homemade or a 4- or 5-cell bottom cut down (does the bottom material appear to be identical to the top?). The extensions have plain bottoms. It's a nice job of cutting, whoever did it. It looks beat up enough that it really saw some action with a photographer for many years so probably is legit..
Here what I know. All of the graflex I have touched say graflex on the bottoms and how many cells the flash takes. That looks like the salt shaker. But the attachment groves on the bottom look really nicely done. The top looks good. It may be a 2 cell with added bottom. The clamp lever can break on real grafex as I have broke one my self. And that was way before any replica was made.
I doubt it is a cut down 4 or 5 cell because there is no rolled edge on the bottom. All of the unstamped 5 cells that I have seen still have the rolled edge around the bottom circumference, just like a normal 2 or 3 cell has...meaning two separate pieces of metal put together. Maybe it's just the photo, but this looks like a single piece of metal for the bottom tube. It just doesn't look like a 4 or 5 cell in the photo.