[swarmee]

The conventional wisdom in this case is correct. The Venn diagram of Master Set T206 collectors or Magee back run T206 or even graded T206 collectors is a much smaller circle inside the giant circle of T206 collectors overall.
When people talk about the complete set of 524, "Magie" and "Magee" portraits are both on their list. Magee/OM is not on their lists. Magee Portrait is on their list. The backs are mostly substitutable.
A more interesting look, IMO, would be strictly comparing grades of 50/4 graded cards and above. These are the types of cards that people would send in for commons for set registry or resale purposes. Rarities and HOFs would be sent in that just grade AUTH for confirmation that they're real. "Common" players would more rarely be graded at the collector level, since many of those collectors prefer to keep them raw and store in binders.