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PCAbout as good as I can do with limited skills:
Also, as I noted above, the Cincinnati was altered in the final Bescher portrait (and on all the Cincinnati T206 cards) by adding a black border around the letters, which makes the stylized letters blocked. I think the overprint on the the Carey card has Bescher's face, and probably the original Cincinnati, which was then used on Egan's card (or, perhaps, it is simply a Cincinnati overprint separate from the face.
edited: Jon -- forget the Cincinnati for the moment -- can you line that up again and do it with just Bescher's face? The Cincinnati was altered on all the T206s, so it is not going to match-up on the overprint (which was likely a trial run, as opposed to a final Cincinnati print).