When I first saw your post, I initially thought similar to T206Collector -- that the Old Mill back wouldn't give much of a bump for a HOFer front. For example, T206museum.com lists the Old Mill as a 1.3 multiplier (ie, 30% bump) for common fronts but no increase for someone like Lajoie.
But then I checked on VCP (given that you had already combed through the PSA and SGC pop reports), and they only record 2 sales of a Lajoie Portrait with Old Mill back (and SGC 30 for $180 and a PSA 4 for $750), versus innumerable sales with Piedmont/SC fronts. So I wonder if you actually might be onto something.
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collecting T206, 1940 Play Ball, 1947-66 Exhibits, and 1952 Bowman. e-mails preferred over PM.
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