I'm generally not in favor of cutting stuff up.
But it's fairly easy to find stuff like books that are in bad condition and would be considered recycling if not for a few interesting pictures or ads. Like prewar national geographics without covers or with other major damage. Those I'd say are a good source of cutout pictures. The pics are almost always worth more than the really beat magazine. And if the condition is that bad on a common inexpensive magazine I don't see any problem cutting those. The exception would be less common titles or books like a Spaulding guide that would have value even in lesser condition. People still cut them up because the price of all the pictures in for example a Spaulding guide is a lot more than a complete but really damaged copy.
Another thing to look for that often has player photos and is from their playing days are the rotogravure sections of old newspapers. Usually printed in brown they're also usually loaded with really great images and are also usually quite inexpensive.
A couple examples, one I think just a page, the other the whole section.(Neither one is mine, I just did a couple searches and picked a typical example)
http://www.ebay.com/itm/1923-Rotogra...EAAOSwuwRYLTGo
http://www.ebay.com/itm/Rare-BABE-RU...EAAOSwOtdYUV0W
I prefer entire sections, but they're pretty large, and unless you frame individual pages they're difficult to display. I'm also into the history stuff, so the rest is things I find interesting.
Steve B