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Jim VBMany of my Goudey's have this and they are all authentic. (They were, for the most part, my Dad's.)
I don't think it's "bleed" that you're looking at. I've always assumed that it was a byproduct of the printing process. As each sheet came off the press it landed on top of the previous sheet. If that sheet was heavily inked (e.g.- at the start of the run) that ink had not completely dried and transferred to the top sheet. Certainly the red is the most noticeable, so you see it a lot along the "Big League Gum" banner, but I see it in other colors too.
I'll see if I can get a scan that shows it.