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What are the mixed opinions? You really shouldn’t do that. In the rare instance you’re a junior and hurting for real work to put in your book, you need to make it clear that it’s spec. Even then I’d rather see student work rather than half baked ideas the client didn’t buy.
It's best to avoid that. If something wasn't produced there's a reason for it. And even if the reason isn't related to the idea (budget, schedule, whatever), it's still essentially something that didn't happen. Sometimes we have affection for the projects that didn't come together in the end. But if you're presenting your best work, it should be work that people got behind.
For campaigns and activations, you’re better off making spec from scratch. Save the killed ideas for later briefs.
If something actually ran and your CD approved lines you wrote that really show your writing chops but somewhere along the way they got replaced by tamer lines, I’d put them in. Same with the Cannes OLV cut that does a better job of doing what the creative team was thinking than the actual aired TVC.