I tend to agree with your original premise that this T205 Neal Ball is missing the RED ink application. The RED ink was applied in the last phase
of the multi-color printing process of T205's (and T206's) by American Lithographic.
I don't have any T205 examples. Here are some of my T206 "missing red ink" examples......These T206's are not "faded". This I am certain of,
since these cards were glued in an album for 90+ years when I acquired them.
And, here is a Lundgren missing the BLUE ink application........
TED Z