Maybe Rory or someone else can say for sure. But, I think they do a search with all the same info for a fraction of the price. Cody was at the Baltimore show last year and they were doing searches for $5. So, I got one on my 1902 engraved rifle. It stated all the extra's, but, the one thing I was hoping would be in the letter, was not. So, I won't be getting a letter. The search told me everything I wanted to know.
Years ago I found a 22HP that was listed as having a "No name period Scope". I thought it looked like a Malcolm, so I took a chance and bought it. When I got it and looked in good light it was marked Malcolm. I sent for one of JTC's letters and it turned out the rifle was sold to the, "Malcolm Rifle Telescope Company". So that was worth the letter. If that happened now, I'd do the cheaper search, and if it turned up something exceptional, I'd get the "Letter". If it just turned up the normal info, I'd be happy with the search. They email it to you, so when you print it, it looks like a letter, just not the fancy embossed paper.
