More likely than not, it is the real deal...but with some added touches.
The piece itself looks A-Ok. In pre-production terms, the Holo Nute Gunray is a relatively common piece, albeit still much rarer than any produced figure from the Hasbro line. A lot of them hit the market in 2002-2003, most coming out of Hong Kong. The color schemes varied but they had the same copyright markings and has been pointed out, the figure's lower body was indeed a new sculpt, not a "repaint" or "recast" of the 1999 Nute Gunray figure. It is certainly not a bootleg as there a healthy number of legit examples floating around in the secondary market.
The rub, however, is that the eyes and mouth are most certainly customized. You can tell from the comparatively poor paint app and I am guessing the paint itself is acrylic or something else of the model-painting mode. My educated guess is that the original owner came across this example, when they were pretty plentiful, picked it up for relatively cheap and wanted to attain the look of what he/she thought a released version would look like - so a dab of paint was added. If you look at Hasbro literature from that time, there are images of a "final" Holo Nute that indeed has red eyes and an opaque mouth. That is probably what the owner was going for.
(Adding paint to a pre-production piece...meh...even if a "common" piece, still kind of lame!)
I am aware of 4-5 different versions of this figure, including the one used in Hasbro photography.
Hope this helps! By the way, AFA probably won't grade or authenticate due to the touchup's but I could be wrong...
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