Thanks for all the input. I knew I came to the right spot for answers.
The sheath was made by Byrd, and stamped with RMK to deceive?
Since the guesses have stopped, I take it the last post is the consensus opinion? If I understand correctly, reading these posts and the revived "Randall Phony Alert" thread, something about my "26" knife (shape, size, grind, finish) gives clues to the trained eye, that this is 1 of 20 or so knives made from blanks stolen from RMK, and finished off outside the shop by the someone else, (maybe the thief), 10 years ago. A person with skills, equipment, factory training, and other Randall materials to convincingly mimic factory work, by shaping the blade and handle, assembling and finishing the knife, but also altering the knife to a degree that makes it unique.
The logo stamp appears correct, so he must have gotten the blank after that stage, before assembly. A very rare knife indeed, but not a true factory RMK, if true.
On the other hand, comparing it to another small factory RMK, a 4-4, it shows many similarities, and does not look like crap. Like the way the hilt is fitted to the blade and soldered in place. The hilt on the "26" is larger, but I note on photos of Dave Griffin drop points, different size hilts are seen on small knives, so Randall did do this. The spacers and thong installation seem comparable to other Randalls. The handle seems similar to other teardrop Randalls. Looks like it could dance with the 25-5.
Who ever finished this knife was talented- it's better than other handmade knives I've paid more for. Makes sense he might have been an ex employee. Or a real employee, done on the factory line. Don't know which story I wish were true. I should name this knife Occam's Razor. (see photos for examples)