That's all plausible, but I have doubts the sheet was only 12 cards. That's a small sheet to manage any sizeable production with.
The proof sheet being 12 cards is pretty much normal, a full sheet would have more than one block of 12 cards. Of course, they could have easily done a sheet with that same block of 12 cards repeated a few times.
There are enough similarities between all the early 30's sets, and so much in the way of employees having worked for other companies, that I think the actual printer did all of them. The companies were all in the Boston area, so it's not a stretch that someone moving from one company to another would use a familiar supplier.
Is the name of the printing company known?
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