The Yak is not on Hemples AOC
True, 262AM says Limited aircraft can operate commercial without the AOC under the conditions listed and under Warbird's regulation.
But here's an interesting thing.
Aircraft descriptions on Air Operator Certificates
Normally I'd agree with 601 no worries, but could this statement mean that as Hemples have an AOC, and the Yak is VH registered < 5700 Kg SE, that there is a case for it being investigated by CASA?
O, and at the end of the day CASA are still the governing body with Warbirds being the delegate so it's still their business and if they want to get involved no one can stop them.