Thanks go out to Keith Chambers for the box scans, and to Don Culley for pics of his built-up! This is the "Li'l Herbie" kit, issued some time in the early 70's. This is the "missing link" that explains the strange differences between the original Bug Bomb and the later Funster Bug. Li'l Herbie did not come with a driver, and there was a sunroof added per the movie version of Herbie. The wheels, tires and bumpers are also unique to this model, and the license plate says "Herbie" on it. Apparently Revell modified the original Bug Bomb molds to produce Herbie, because when the later Funster issue of the Bug came out it has the same bumpers and sunroof as Herbie. These kits have shown up on eBay from time-to-time over the years and always go for several hundred bucks in unbuilt condition. It appears this model has a lot of crossover appeal to collectors of Herbie stuff, VW stuff and of course it also attracts bidding from Deal's Wheels collectors.
UPDATE 08-2007: Don finally completed the restoration of his Li'l Herbie and it looks outstanding!! Below are "after" pics followed by the "before" pics showing where he started.