Compare to the 1951 Graphics. These wrappers held the 2 card red and blue back panels plus the standups and team cards. The typeface for BASEBALL is a match as is the reversed batter (Ted Williams imitator and I think the stands are reversed as well). The Doubles one cent packs that held red and blue backs came out in 1952, per a T.C.G. copyright found on the retail box bottom (see a post I made about that box
HERE).
If you could find a scan of the box bottom for this particular TCG box it could be definitive. Not an unprecedented move by Topps at the time and I lean toward it having held 52 cello's. TCG distribution was done with no confection (caramel or gum) in the pack, so cello really makes sense.