I'm not per se a Morgan guy, but I saw this coin about 5 years ago and had to get it. The coin was imaged by Kryptonitecomics and I think he did an excellent job.
Actually, there's no way to say one way or the other. It could easily be either. Crack that coin out and submit it today, and the odds are 50-50 it will be slabbed.
That coin isn't even close to having questionable toning. It would grade 99 out of 100 times. I reserve that 1% for the day that the grader is drunk.
Personally, I agree with you. But you'd apparently be surprised at what the TPGs will or won't slab today.