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edit: reededge - if I were in your shoes, I'd probably show the stamp informally to some dealer friends, who are expert at this and see what their take is.
You are 100% correct with everything stated, and quite honestly, I don't know if it is "faintly canceled" or not. I did not buy this stamp for this reason. At this juncture, this is my single most important and valuable stamp, so I had some prerequisites before I bought it: It had to show all design elements clearly, including balls and scrolls. I did not want the design elements to be obscured by a cancellation. I wanted good color with ample margins. Finally, I did not want any major faults. The fact that this stamp had a tiny thin reduced its value to fit my budget. So, after viewing the stamp and talking at length with Scott Trepel, I made the decision to pursue this. Scott advocated that I get it re-certed which I may eventually do. But, for the time being, it occupies a vital spot in my album and brings my regular-issue U.S. definitive collection one stamp closer to completion, a goal which hopefully I will be able to someday accomplish.