Yes, that could be correct, because some owners are convinced that theirs had laminated cores, and I'm sure I've seen the pics somewhere to support it. So whether it was just a late, even more improved, version of the Improved, or even a Type III trial interior in a Type II body escaped from the Shure labs, I don't know.
Years ago, an engineering training 'fault' radio escaped from an Australian radio manufacturer's factory into a shop. It was only returned to the factory when a concerned serviceman contacted them about the strange radio he'd encountered years later, which appeared to be completely lacking any solder.:thumbsdn: "Aha, we wondered where that went," they said, and sent the unfortunate owner a brand new improved model to replace his faulty radio, which had all dry (non-soldered) joints designed to bamboozle trainee engineers! The strange thing is how it ever managed to function at all, but it went for years in someone's home before a dry joint stopped it working permanently.