No, go for it.
I want to know too.
Well, okay.
When you go to the source for ravenest's photo, it goes to
this page, where they say it's A.E. Waite. But I couldn't find the photo identified as Waite anywhere else substantive.
If you use Google's image search, you can also see it on some site called ztopics, which just seems to have search engine hits, and takes you right back to the above page. Oh, and someone's using the photo as an icon on a tarot-related Tumblr blog. That's it.
Meanwhile there are lots of photos of A.E. Waite with his trademark mustache. These all seem substantiated. And they all look like the same man.
The mustache makes it tricky, since men can look very different with and without facial hair. Different lighting can also make it tricky. But if you compare a head-on picture of A.E. with ravenest's photo, and look at the shape of the face, the eyes, etc. - they don't look like the same man.
A.E.'s face is rounder, while the mystery mage's is thinner and longer. Mystery mage's chin is longer, and his eyes seem closer together. A.E.'s chin is rounder. You can tell that Mystery Mage is going to look gaunt when he's older (my grandpa had a face like that). I mean, I'm not a police artist or anything, but they just don't look the same.
That's why I think the dude with the webpage is wrong.
I wonder if the mystery mage is another G.D. member, or at least someone else in the occult field. Possibly a young Israel Regardie? I didn't do a study of the faces though.
Oh, another thing is the suit the mystery mage is wearing. I'm not very knowledgeable about men's fashion, but aren't those lapels a later style? The suit looks more modern to me.