I think what I try to achieve within my cost range, is period of ownership correct, as my last bike, the '92 Saracen Traverse Elite I had for twelve years. In that twelve years of daily use, for recreation and commuting it did change, but not by much. Because I had sentimental issues over the loss of that bike, later I sought out a black Saracen with the pierced top tube that I liked, it turned out to be a '93 Tufftrax Elite, and I spent quite a lot of money thereafter turning the '93 bike into the '92 bike as near as I possibly could in terms of things that are hung on the frame. I turned it into what my '92 bike had in terms of groupset and add ons, but they were available in '93 and thereafter, so my current '93 bike is to me period correct as near as I can get it, i.e. as near as to what I had before in the twelve years of having the first bike.
The other thing about now, this present age, is I can now afford a load of the bits I hankered after back in the day, not because I have more disposable funds, but because the bits are often pre owned, in need of restoration, a bit battered and are priced accordingly or we have places like ebay now so though a deviation from stock, they are period correct.
But some thing of the period are scarce now, so what I have to do, is basically what I did with my lost '92 Saracen, is fit what is available and works with the bike, I am doing now what I did then, say after ten years of ownership when the original '91 XT rear derailer wore out, or the original Ritchey Vantage Pro rear rim exploded ( wore through and inner tube went with a bang taking the sidewall of my new Panaracer Smoke with it, green slime efferywhere),or I found something better than something that annoyed me on the bike, the XT low profile canti M-system comes to mind.
So, if one has a memory of period of ownership of something they liked as it evolved over years, then to me that is a good enough application of period correct, as it is my period correct.
And perhaps I have evolved, my Saracen now sports some colour other than the bipolar black and silver, but this only came about because the SARACEN decals had colour in them, a sort of crimson colour leading me to source and fit red anodised bits where I wanted them.
So, is it acceptable to evolve or stay static in the past in terms of period correct ?