Thanks. I reread http://www.open-std.org/jtc1/sc22/wg14/www/docs/n1256.pdf, and initially didn't get that from the informal description of restrict given there. It says (section 6.7.3):

"An object that is accessed through a restrict-qualified pointer has a special association with that pointer. This association, defined in 6.7.3.1 below, requires that all accesses to that object use, directly or indirectly, the value of that particular pointer."

So, it hinges on the meaning of 'accesses'; it is a runtime thing, not a compile-time thing.