Not the case.
There was a publication in the 1930s named Screen Romances, and we've previously run the cover of its April 1937 issue, in which Carole is shown with Fred MacMurray:
Well, as it turns out, five years to the month before, a much blonder Lombard appeared on the cover by herself, also on a pink background and rendered by an unidentified artist:
Lombard was also featured on its cover in September 1937 and February 1941.
I'm not sure whether there's anything inside about Carole in the April 1932 issue. However, we do know that among the films of the day done in story form are "Arsene Lupin," "One Hour With You," "Tarzan The Ape Man" and the Marion Davies-Clark Gable vehicle "Polly Of The Circus."
The magazine is reportedly in excellent shape, and if you want it, bidding begins at $64.95 (no one has bid as of this writing). But you don't have much time -- bidding closes at 9:15 p.m. (Eastern) tonight. Interested, or at least curious? Go to http://cgi.ebay.com/SCREEN-ROMANCES-4-32-Carole-Lombard-BEAUTY-Cover-TARZAN_W0QQitemZ350335086438QQcmdZViewItemQQptZMagazines?hash=item5191992f66.