Well what would you know, after hanging out with my friend Google… we discovered Graflex did in fact build special edition cameras for the Navy.
“US Navy Graphic View II. The only(?) Graflex view camera with an official military metal plate, mounted on the upper right of the front standard. Black bellows usually fitted instead of the usual red. Later versions (from early 1960s) appear to be more common with red bellows and have no Navy ID plate. Equipped with Kodak Supermatic shutter/Ektar f7.7 203mm lens or other options. Again, quite rare, especially in the complete vulcanoid cased outfit.” – Except taken from http://graflex.coffsbiz.com/milhistory.html which is a very cool site by the way!
This sure fits the description now. I thought the plaque would of been placed on the camera by the Navy as an inventory method. This explains the bellows color and I do have the case as well (The case is the “logo” of this project)