Probably more appropriate to the time frame you're referring to, before helos and when airships were still in service, the 'V' in 'VF' or 'VMF' stood for "heavier than air aircraft". The popular meanings, however, have 'VF' as simply "Navy Fighter Squadron" and 'VMF' as "Marine Fighter Squadron".
As to the scheme, every photo I've seen of VMF-214 Corsairs shows the tricolor scheme, which is consistent with the time period. That's not to say that I've seen every photo of a VMF-214 Corsair, though!
Tom Tullis did a great profile of what is thought to be 'Boyington's Corsair' (although, like any other pilot, he most likely flew whatever aircraft was available when needed) and it shows the aircraft in a tricolor scheme.
However, being an artist myself, I can say that you shouldn't always place total faith in artists' interpretations. Artists make mistakes too and just because they're well known doesn't mean they're perfect!
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