This is a special model made for the West Tobacco company. The reason why this is considered the holy grail among all McLaren models is due to its rarity. According to an interview done with Mr. Paul Lang in "A Passion for Model Cars Vol. 2", 1000 pcs of this model was made, but not many are made available to the general public and they are fairly hard to find. Since there are conversions made available by collectors, buyers must be aware of the fact that the original model has a matching, paper based, very squared matching green color tape that covers the barcode located underneath a regular McLaren box. (Note: Underneath the tape, apparently, is a barcode description for a "Jacadi #43", which was never made by Minichamps). In addition, the decals on this model, specifically the West logos, should be part of a larger overall decal sheet on the model.
As an example, a fellow collector shared these photos with us
This model apparently has a "special" box, but according to the same interview with Mr. Lang, the "original" model was packaged with the green Minichamps McLaren box, rather than a specialty box like the one shown in these photos.
Many thanks to everyone who provided additional information regarding this model.