I doubt if you would have any trouble insuring or financing the rig. I can't recall an insurer ever asking to even see a title, let alone checking the type. Financing should be the same as for any used rig, but there the title does come into play, since the finance company [the lienholder] usually holds the physical title until it is paid off. Even then, in most cases they don't actually receive the title until after the loan is made and it probably just goes into a file.
As to whether buying a vehicle with a rebuild or salvage title is risky, it is difficult to say. The insurer "wrote it off" because the cost of repairs plus the salvage value exceeded the book value of the rig. They saved money by declaring it a total loss. A rebuilder can overcome this arithmetic by using cheaper labor (perhaps his own), used parts or by cutting corners. Usually it is a combination of all three. Skillfully done, the result is fine. Shoddily done and it could be troublesome nuisance or downright unsafe. If it was tree damage, then presumably the repairs were all body work, so safety should not be a big concern. Whether roof or windows will leak, doors open freely and that sort of thing, only time on the road will tell. It is pretty much impossible to judge once the repairs are complete and everything is covered up.