Captain Kernow
Western Thunderer
It's definitely an early SMP point kit. SMP revamped their flexitrack at some point, to provide better defined chairs.
As for it being under gauge, I have one on Engine Wood, the point kit having been bought and assembled in the mid-1970s, but nothing gave any problems running through it.
I recently obtained a couple of unmade vintage kits from Rob at Lord & Butler and made one up. I did find parts of it were under-gauge, so I ended up having to replace quite a lot of the plastic sleepers with copper clad ones. Here's the point being tested with a variety of locos:

As for it being under gauge, I have one on Engine Wood, the point kit having been bought and assembled in the mid-1970s, but nothing gave any problems running through it.
I recently obtained a couple of unmade vintage kits from Rob at Lord & Butler and made one up. I did find parts of it were under-gauge, so I ended up having to replace quite a lot of the plastic sleepers with copper clad ones. Here's the point being tested with a variety of locos:
