Congrats on acquiring one of these for your collection! It is a shame to hear how it was being presented to you as it most definitely is from the generation you described and not the same generation as the Ken Tarallo plug.
While I can't confirm it, your assessment that this might be the actual helmet that Lee cleaned up for the creation of the Malone Fett does seem entirely plausible.
In regard to the mold blowing out and castings showing that blob in the rangefinder ear after only three castings... I am not sure if I am totally on board with that. I have two myself (the one which you already know about as well as another) that don't have the blowout in the ear, and I doubt that I own the ONLY two that don't have that as it was my understanding that Lee passed out several to his friends (I would think at minimum, two additional helmets to the two I have). It is only supposition, but I think the blown out blob in the rangefinder ear MIGHT indicate the difference between helmets Lee cast himself and helmets that Paul Francis cast on Lee's behalf.
In 2010, when Paul tried to sell me the helmet that he ultimately sold to BM, I asked him about the history of the Malone Fett. Here are a few excerpts from our email conversations:
From Paul:
Okay here is the truth!
Lee got the plug, he and Shannon made a ****** but usable mold. He sent me that mold and I hand slushed and few copies and ran one in glass that was cleaned up.
I sent Lee two slush castings and he cleaned up one with a warp by mistake.
He cleaned and polished that one and I ran 12 copies.
So Original Bust, Masters pulled from that 1st mold, remolded the master.
When I asked Paul about pricing, here was his response (the important thing to note is that he mentions two other castings... possibly castings that Lee let out?):
What's a friendship worth. LOL
I do know that there were two rogue pieces out there in hands that Lee didn't trust. So if one were to surface it's possible it didn't come from me.
is it something you could sit on? Is it something you would clean up and re-mold?
Let me think about it for a bit, it's a very cool piece and from what everyone tells me, the holy grail of castings.
To me it's a resin choad I wouldn't wish on my worst enemy. LOL
Paul also claimed to have cast an LED into the rim of each of the Malone Fett castings, but in the two I have seen, I have not seen an LED, but that is getting a bit off-topic.
Now, Paul isn't exactly known for his accuracy and detail when it comes to the history of things, but if what he said is true there are two possibilities; Paul said he ran a copy in glass that was cleaned up and that he also ran two slush castings and that Lee cleaned up one of those (which ultimately was sent back to Paul and used to master the Malone Fett line). Why would two helmets need cleanup? I don't know... but if Paul is accurate, you should be able to tell which yours is based on the material it is made from. Either way, I believe the helmet you have was made by Paul, not Lee, but made from the original mold that Lee took off the Ken Tarallo plug.