Thanks for the info, Peter. Considering, too, that contractually, Chaney's image could not be shown in any publicity material, it makes perfect sense that the figure on this flyer or ad, with its skeletal face, bears slight resemblance to him. The face on the flyer actually may have been influenced by Andre Castaigne's original watercolor illustrations from the 1910 book publication (as was Chaney's makeup):
When i first saw the flyer image, its composition reminded me, in feel, of this style of the US 6sh, with the phantom cowering over the opera house: