Hi Chuck, welcome to OPR from Kansas. Great you have joined and sorry to see you leave so soon.
It would be easier for us to view if you could have your image within your post and at the very least make your link so that one can click on it instead of having to copy and paste it for a search. See below for what the photo looked like before cropping.
Please leave the proof stamp as that if part of the original and also gives some history. As to making a second copy without the stamp; I am opposed to that since it changes the original.
I would leave the text as is but adjust the individual "pixels" that form the letters so that they are of more uniform appearance. I suspect that what we see on this image is really an artifact of the lighting during the copying.
You could be right about the lighting during the copying, but from what I'm looking at appears more to be discoloration from the flooding than our lights. Here is what the original looked liked before it was cropped and you see the damage. It also looks like this was torn off from the proof sheet and yes, the black on your right is the poster board it was laying on for the shoot.

[3] Lower right corner. The sloppily placed backdrop did not cover what appears to be a furniture leg below the man's left elbow. Again, as a portrait photographer my instinct is to fill that with something that hides the very bright and distracting leg. What I'm asking is how much license do I have (if any) to make this into something the photographer should have produced in the first place? Despite Woodward & Woodward's reputation I'd have been incredibly embarrassed to present this proof to a client.
OPR’s purpose is to restore photos to their original look as best we can and not to retouch to give the photo a better look. You judge the very bright and distracting leg without a really good grasp of how the proof looked originally and whether it was caused by the flooding. We are restoring family's memories and not disparaging the photographer's skills.
Anyhow, that's where it stands today. I have uploaded a 3-layer PSD file with my minor fixes for use by whomever is next assigned if they'd like to continue where I left off. Although I'm not likely to be working on this image again I am very much interested in whatever comments and suggestions y'all have.
Chuck that is nice for you to forward your work, but uploading a 3-layered psd file will make a huge file size that would make downloading a real pain. You may send a flattened jpg version if you want.
Enjoy your trip.
Margie