I would have little interest in MPFW #1. It's not a Timely, it's not a newstand comic, and was either barely distributed or not at all. An interesting piece of comic book history no doubt, but MPFW #1 has an appeal more in line with novelties such as the "Reign of the Superman" fanzine story, or the Ka-Zar pulps, than it might to Timely completists.
I find it interesting that you used this comparison ..wouldn't MPFW be very desirable regardless of its "Boston Theatres only" distribution, since it is a comic book? "Reign of the Superman" was a fanzine...so I can see why it could be considered a novelty compared to Action #1. It does not appear that MPFW would be a novelty compared to Marvel #1, as they are apples to apples -- both comic books.
I assure you this is not the consensus view on MPFW. It is a VERY important comicbook!