Ferrari has released renderings of its latest Special Projects car, a one-off, reskinned 296 GTB said to be a direct homage to the legendary F40. For most Tifosi, the car carrying that torch already exists in the shape of the F80, but one particularly well-heeled client disagreed, triggering a two-year development programme for Flavio Manzoni and his styling team.

Called the SC40, Ferrari states “the goal was not to create a literal reinterpretation, but rather a model with its own distinct personality.”

Given the initial reaction online, that personality appears to be a split one. The special white paint is perhaps the least controversial call, given a handful of F40s snuck through the Maranello gates in a shade that wasn’t titled Rosso Corsa. Still, it’s hard to shake the whiff of Miami Vice Testarossa.

What truly hurts about the SC40 is the lack of awareness. The F40 was unapologetically aggressive, rolling testosterone, but it had structure and balance, backed up by exquisite detailing. The SC40 has no such resolution, appearing edgy for the sake of it. Given the likely sums involved, the fact the car only sports a twin exit exhaust rather than the F40’s triple speaks volumes. The Ferrari press release boasts of a Lexan rear window with faithful louvres, but from where I'm sitting the material must've been in short supply. The screen is even smoked, as if Ferrari is ashamed of what lies beneath.

The rear wing encapsulates the SC40’s lack of confidence. Modern underfloor aero might render a huge wing obsolete, but when you're commissioning an F40 tribute, surely logic goes out the window?

Despite all the effort and expense that's gone into the SC40, the fundamental underlying architecture remains unchanged. The 2.9-litre twin-turbo V6 develops 663bhp, topped up by a 167bhp electric motor for a combined 830bhp. The eight-speed dual-clutch gearbox, the chassis, the 1550kg dry weight – all are carried over from the 296 GTB. Even with the new body, Ferrari makes no claims of aerodynamic benefits, and there’s no talk of any chassis tuning, nor any lap times recorded around Fiorano.

Ferrari can gloss the SC40 up all it wants with talk of taking inspiration from “industrial design, defined by precise geometries and muscular, squared volumes”, but the reality is the SC40 is symptomatic of a deeper rot within the Prancing Horse: Maranello has forgotten how to design a beautiful car.

Ever since deciding to go its own way by severing ties with Pininfarina in 2012, there hasn’t been a truly elegant Ferrari, Special Projects included. Striking, yes. But timeless? I’m not convinced.

Recently, Manzoni appears to be pioneering an element of unity across the Ferrari line-up, especially in the bluff front end styling which is equal parts Daytona nostalgia and Blade Runner cyberpunk. Even the SC40 falls victim to this mantra at the front, with corner-mounted headlights sitting within a black housing that connects to a full-width lower intake. Rectangular frames also outline revised brake cooling ducts.

Should all this matter with a one-off? Normally, no. But by so openly attaching itself to the F40, expectations immediately headed for the stratosphere. Ironically, embedded within the press release are sketches of a yellow car sporting a more streamlined wing. With a few tweaks, it could form the basis of an excellent 288 GTO tributo.

Ferrari's anonymous client has received their bespoke commission. Special Projects delivered to brief, as it always does. But as a public-facing tribute to Maranello's most iconic supercar, the SC40 poses an uncomfortable question: when does indulging a single client's vision carry more weight than your own legacy?

A styling buck will be displayed at the Ferrari Museum in Maranello from 18 October. Whether seeing it in the metal shifts perception remains to be seen. The F40's legacy is untouchable. The SC40 won't tarnish it, but it doesn't come close to honouring it either.