Well, I read on Bill Barkers
www.1931Chevrolet.com website that "Flat" paint wasn't invented at the time. This background is definitely "Flat", so I figured it has to be undercoating of some sort then.
As for your further findings...this is interesting. I would think that from a practicality standpoint, painting all of the body the body color first then masking off and painting the body moldings their contrasting color afterward would make sense. So the body color would be under the body molding color. This would also make one surmise that the depressions would and should be painted the body molding color for practicality purposes. I have always thought that the body color should never show through in the back wheel opening. Only the contrasting body molding color should because it is always the darker color. It is fascinating that your black paint discovery when you removed your fenders yielded an added step to mask off for black. I wouldn't think this would be done since this takes time.