There is no "collectability." Once a gun has a Simmons rib it is not factory original, so no collector interest.
I suppose if someone sent their pre-war Model 12 28-gauge Pigeon Grade Skeet Gun with No. 5 Ulrich engraving to Simmons and had the solid rib removed and a Simmons vent rib installed it might still have some value!!
Some upgrades really are upgrades. Many custom M-12s with aftermarket Simmons ribs match or exceed the build quality of factory originals. They can do very well at auction. In such cases it's about the gun - remaining condition, engraver, quality of work. Even serious Winchester collectors buy such things. You better believe they know what it is, tho.
Most M-12s bearing aftermarket Simmons ribs do not fit the above description. There are usually scads of them on GB. They do make good range guns, if mechanically sound. But you're buying the gun, and not in competition with guys who seek original condition.
This thread helped me a bunch with a similar question..
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