Yeah, I think that is about right. I have always heard The Fantasy Fan had a print run of about 60 copies, but don't know where the figure comes from. They are scarce, sure, but much more common (if I may say so) than The Phantagraphs. There are *always* a number of issues of Fantasy Fan floating around (on ABE, for instance), but Phantagraphs are really scarce when you are after the early issues. The REH issues are tough as hell of course, though the two (three? I don't remember) copies of the 2nd and 3rd installments of "The Hyborian Age" that surfaced from this guy's collection drove the prices a bit down.
The early issues (and hence that Feb 1936) *never* come up for sale. Ridiculously low print run, paper cover, overhang, cheap paper...
My copy is abt. perfect, btw, Theagenes, ie no brittleness at all. Still, not the kind of item I like pawing too much...