I believe God recognizes and rewards EVERY sincere, good action undertaken by EVERY one of His children - regardless of whether or not those actions carry any eternal efficacy in and of themselves as ordinances.
If a Christian priest / pastor / minister acts according to her best understanding and attempts to glorify God through her actions, I believe strongly that God recognizes and will reward her for it. That is, after all, the heart of our proxy work for the dead - especially for those who were “valiant” in following the light they were given.
In other words, while we believe it is necessary to perform a proxy baptism for someone who has been baptized without what we see as binding Priesthood authority, that does not mean we are invalidating the faith of the person who was baptized - or the faith of the person who performed the baptism. Just because I believe a particular creed is an abomination does not mean that I believe a sincere attempt to follow Jesus and express one’s faith through baptism is an abomination - even if I simultaneously accept the need to perform a proxy baptism. Not even remotely do I believe that there is no power and faith imbued in actions outside the Restored Priesthood.
I honor faith and sincerity - wherever it is found, and I believe with all my heart that God does, as well.