But Vic never had O or I as they could be confused with numbers, T was for taxi’s and M for State Government vehicles which were/are red on white, the first two were adopted much later in the piece and personalised plates didn’t come in until much later, about the late 80’s I think.
I think it’s an XM Falcon
So I did a bit of a google and judging by the tail lights and the shape of the side of the body it’s an XK or XL. From XM onwards the bodywork around the tail lights sticks out. Bit more research and it’s more likely an XK because the XL has a wider C-pillar.
See here: http://www.xfalcon.com/forums/index.php?/topic/14281-xm-coupe/
scroll down to post 15.