Hi folks -- seller here. Many thanks for the opinions so far. I bought this card several years ago and must admit that I did so with my own trepidations because I got it at a reasonable price and I have the same reservations about GAI that everyone else does. After I received the card and was able to closely inspect it, I was satisfied that is was legitimate. I also recall that when I bought the card there was a thread here on N54 about it and that the consensus was that it looked authentic.
Regarding the "First Graded" issue, my understanding is that GAI gave that designation out to the first card graded a particular numerical grade. So, the existence of a "First Graded" GAI 1 and a "First Graded" GAI 2 would be normal. Given the rarity of this card, and the likelihood that GAI did not grade many of them, I would expect most of them to have a "First Graded" designation. Certainly I would love to know if I'm wrong, though.
One thing that struck me as unusual about the card is that the reverse looks somewhat faded. However, when I inspected the card in person, it was clear that there was paper loss from an adhesive mounting and that this not only took off chunks of the back, but it gave the remaining ink some lightness from parts of it being pulled off. There is definitely no bubbling on this card (if I understand what that means). I always figured that if someone was going to do a skin job, this was really not the way to do it.
I thought perhaps some very high resolution photos would be appreciated, so I've uploaded them here (note: these are HUGE -- click with caution):
Front:
http://mcdpro.com/lenoxcobbbig/IMG_7667.jpg
Back:
http://mcdpro.com/lenoxcobbbig/IMG_7668.jpg