Get your detective on - identify this car for me

Yep, it’s a Hot Wheels 1963 Corvette, © MATTEL, INC Hong Kong 1979.

Looks like it had at least some blue (look at the hood) and maybe some red ( there’s a spot on the roof, but that may have some external source - I don’t want to try cleaning this thing at all).

But...

It has an adjustable-height rear suspension!

Anyone know any history on these? There must have been more than just this one casting released.