Kirk,
I never gave it much thought until now, but I think they made them both ways. If you go to the Wizard Literature post I made...
http://pub9.bravenet.com/forum/static/show.php?usernum=737212788&frmid=52&msgid=715480&cmd=show

The first part of the page is all the stuff that came from Western auto with the original purchase of the WD4S I have. If you look at the poster, the cowl has the spot before the "wing" ,but it is not colored in.



My motor came with the red spot before the "wing"


The picture near the end of the instruction booklet that came with the motor shows a cowl that appears not to have any spot on the "wing" such as in he Joe outboard motor.




Since Wizards were private label Mercury motors made from spare parts, I'd imagine they changed the looks around at will. I doubt they consistently used the same color gold paint either.