You are correct in your description of the Bumble Bee capacitors. The same
coding applies to paper and paper-in-oil capacitors in general (of the era).
The voltage bands can, indeed, consist of two bands if the voltage rating is
1000V or more. For example, voltage bands of Gold-Red would indicate a
1200V rating (Gold being the color for 1000V). Don't remember seeing any
paper capacitors of that high voltage rating, though.
Cheers!!
Dave M