Paul Valentine? Maybe it’s this guy, a minor minor movie star in the late 40s. Running a lingerie line 15 years after he did a film with Michum and Douglas? Sounds about right. The identity of the Princess is less certain; she seems to have been swallowed up by the mists of history, as happens to most of the people who appear in this pathetic journal.
It's lingerie for the girl who has everything, except a complete digestive tract. I'm presuming that the woman who wears #1126 excretes into a bag.