I believe that this would follow the trend and be a California made Artist Proof.
Daniel,
You are 100% correct. The St. Georges Reef, #115, is unquestionably a California made Artist Proof. The paint is perfect and not retouched as far as I can tell. I feel it could only have been done by Tori Dawn. The felt is grey and in perfect condition. There is no evidence of it ever having been removed.
However, I would almost venture to guess that the felt was added later. Why? Because there is absolutely no dirt or grime on it. If I were a gambling man, I would bet that with the removal of the grey felt one would find Tori's signature underneath. I'll leave that to the next owner after I enter the great beyond.
Bob