On the subject of re-writing history it's already happening. Nascar have removed all references to Winston Cup in their record books and replaced it with Nextel Cup.
Been doing a bit of Googling on the subject of tobacco logos. Found a very good post on
Biante's website which sums up the 'these aren't toys' approach model makers want to take. That specifically refers to Australian legislation but I guess the EU and US law is much the same.
Also found a few comments on Minichamps and their removal of Rothmans logos. It seems that it wasn't Minichamp's decision, Philip Morris revoked permission for Minichamps to reproduce the Rothmans logo and demanded that the newly released Porsche 959 Paris-Dakar, Le Mans winning Porsche 956 and Williams FW16 be removed from sale.
Probably not much of an issue for motosports collectors but airplane model makers face similar problems with the use of a Luftwaffe swastika.