I think its HIGHLY likely that when TotPE was shot that Lucas intended the Peacock's Eye to be the Diamond in ToD. It may even be the very same prop! The other scenario - That both feature a similar Diamond and it was later retroactively made to be the same, seems unlikely.
Anyone think this story would have been better suited to be the final Young Indy story? Taking place while he was at the University of Chicago. Instead of happening right after the War, Remy visits Indy to enlist him on the quest. It works very well as it is. But considering there never was a last episode its not hard to imagine this as one. I like Hollywood Follies but it does not have much significance for Indy. Just his adventures in Hollywood during his summer break.
Sure, Malinowski's influence on Indy starting his studying would have been lost. But maybe in the version I purpose Malinowski would have encouraged him to continue with his education. Otherwise Indiana Jones would have been a mere treasure hunter/grave robber. But never a legitimate Archaeologist. Like I said I love the episode as is but I think this would have been a slight improvement.