I think you are correct about the board being shaped by Bill Bahne. I believe the T may indicate that the glassing was done by Vince Turner, a San Diego area glasser.
EDIT: The letter B may also indicate that the shaping was done by Billy Caster.
You are correct in your description. A similar method was used by G&S, to mount fins, in the Hynson Red Fin boards. Properly done, it’s quite a strong method to anchor a fin in a surfboard. Probably what inspired Bill Bahne to develop his original series of fin boxes.