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DavidSimularly, other than aesthics and destruction of a magazine, I don't think most of us would object to Libertyforall if he advertised his 'cards' as "I bought an old Reach guide, took my scissors and cut out the picture from page 112. Please see my other auctions where I have clippings from pages 115 and 7." It's not so much what you sell, but whether or not you represent it accurately and sincerly.
Frankly, if an old coot came up to me with an Aaron Rookie he had cut from a sheet as a teenager, I'd probably pay a few bucks for it. Obviously not Aaron's real 54 Topps or 54 Johnston Cookies, but at the least an interesting odd ball.