I know nothing about the seller but they've been doing it for many years and he seems to make a nice profit on his little niche.
I imagine he picks up a lot of old guides that might be rare but with torn covers and pages and salvages what he can. Aesthetically it might not go for anything whole, but there's a market for $16 paper panels of obscure players collectors might not see anywhere else. Anything interesting of the big name players are a bonus. So if he pays $50-100 for a rare guide and cuts 100+ photos out of it and sells even 4-12 he's making some money.
Sort of like card companies buying a HOFer's game used bat, cut it into many pieces to pad their card offering sales, and then throwing the knob and/or nameplates onto a card, call it a 1/1 and often have the card go for more $$$ than the whole bat would.
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