I have seen ghost ring receiver sights on a couple of rifles intended for snap shooting in heavy brush. Both rifles belonged to very experienced hunters. It is my understanding that the ghost ring sights are not intended for use with the British array of folding leaf sights. The ghost ring sights are intended for one specific load and are zeroed at a relatively close range, 100 yards or maybe less.
The rifles I have seen fitted with these sights are anything but collector pieces. They are rough duty rifles. Any custom modifications are those made to enhance the handling or snap shooting qualities.
What Waterman said.
I would imagine that a previous owner decided to add the peep and merely failed to remove the folding barrel sight or perhaps was experimenting. Finn Aagard conducted a subjective and impromptu test of ghost ring peep vs wide-vee open express sights on his 458 WM Mauser, finding no large difference as I recall.
Regards, Joe