for some reason i rarely see blue hornets unless theyre girls bikes, i was looking for reference pics for ever and finally stopped looking for a guys in blue (found plenty in red and green though), dont know much about the badges but a guy in the next town over bought a pair of chrome s-2s off of me for his panther project, he said it was a hardware store badged bike and all original, i never saw it but this guy seemed to know his stuff.
im guessing thats a repaint from the scallops instead of the "feathers" on the tubes but looks like the original blue on the tank to me.