That's unusual. Most of the time a variant cover is just slightly different, whereas this is a whole new design, and color vs black and white. Possibly a second printing?
It is unusual. My guess is that he created a few potential covers. I got it with some interesting copies of OLE 1 that have art by Blazek on the inside rear cover. I also have figured out that there was no color printing of OLE 1. Any color you see on a copy is hand-colored, like the third pic. The ones with paitings were numbers 5 and 6. I think Blazek may have been taking a page from Malone's first Bukowski issue, where he and his kids colored the covers.
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