Chris - I'm sure anything is possible but cutting the image out of the border seems unlikely to me. The most plausible to me is that the entire front was removed and replaced. A board member once showed an example of a T206 with a Piedmont back that he had removed the front and replaced with a T205 front. In this case it appears the fronts being added to the real backs are fake. Again I haven't held one in my hand, but I would like to.
The Cobb red Hindu is great fodder for debate but I have yet to speak with anyone that can show me evidence that the card isn't good. I have heard the stories and rumors and I have learned some of them simply are not true. The card might not be good but at this point I haven't seen any reason to say it isn't.
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