I'd like to see the high res scans. Too bad they're limited here.
I do think that card has enough lower border to have a shot at being real. A really close examination of that area should show if there's anything odd about the surface.
Interestingly, over in the postwar side one of the guys has demonstrated selectively fading a card with a method that leaves no obvious traces . It makes me wonder if it's possible with the brown on a T206 as it's dependent on the ink. Some fade more easily than others. From the sun faded cards I have I'd think not.
This is as close as I've come to a no name. Combination of a miscut and a downward shift of the brown that made the caption low enough to be "missing". It's actually there, but just the barest hint of the tops of two letters.
Steve B