I found it interesting that the 7030 "Stretch" that was the base platform for this system was initially considered a failure. It didn't come close to achieving its design performance, forcing IBM to slash the price to contracted customers and pull the product off the market. But many elements of its architecture were later used successfully in the IBM 360 and other models.
The last sentence seemed odd and would be nice for clarification. Not many government contractors say no from my experience.
"IBM declined to re-implement the architecture in a more modern technology."
They must have had something else they were trying to sell them.
That reads like an early version of BULLRUN.