I haven't looked at the population numbers for T205s.
But for what it might be worth, I have been looking at the numbers for T206 in as much detail as I can.
What I've found is that each individual HOF card is approximately double the population of a particular common. Not precisely since there's a lot of variance, but if a common in say P150 has 40 examples most HOFers with the same back will be around 80 examples. Some of the known rarities are more skewed towards being graded, for SGC the Magie is very nearly as common as Magee.
I'd think that the 2:1 ratio for HOF vs common would hold for T205 as well, and I'd expect the SPs and other tough cards to be graded much more often, depending on the percieved difficulty and value.
The replacement theory you have sounds entirely plausible. I haven't looked at the lists etc to be able to comment beyond that.
Steve B
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