The binds that tie...
I have been thinking a lot about the binding:
1) Try to re-glue to be 100% original, but there several very cracked and damaged area (just decay, not impact). See pictures.
2) New binding of the exact same kind. This was the 'low end' Guild and the binding was nothing special, so Celluloid would likely be the 'period correct'.
3) New Ivoroid with a pattern to match original. The best new material that looks original.
4) New wood binding - but it couldn't be white.
First choice is #3 so far. It seems like the "best" way to do the binding would be to remove the neck and do a reset at the same time as it flows under the back edge of the neck, see picture below.
As far as wood, here is the quote from Reverb (I don't know any better). It does look like a single piece of wood.
"Also known as the Troubadour, the F-20 was a smaller-sized acoustic flattop which predates any dreadnought produced by Guild. Initially, this guitar used Maple for its back and sides, but this changed to Mahogany in 1959.
Years of Production: 1956 - 1987
Body Style: Orchestra
Wood Composition: Mahogany back and sides, Spruce top, Rosewood fingerboard
Design Elements: Rosewood bridge, tortoiseshell pickguard, 24 3/4-inch scale length, dot inlays