Hey Adam! The Howser is definitely a flexichrome "painting" of an original (likely) B&W photo. The notes visible appear to be instructions on how the picture was to be painted, with instructions like "Red KC" and "Black and red stocking - Red Stripe" for the cap insignia and the stripe on the socks. I think they would generally note fine adjustments in the printers proof process, as I have seen proofs where notations on the colors were made. But I will let others more versed on the process chime in!
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