Yes there was a system on pre war Navy aircraft to designate an aircraft's position within a Squadron and Section. The tail color designated the to which ship or wing the aircraft was assigned. The color of the wing chevrons, fuselage band, (only section leaders had the fuselage band) and cowl would indicate section, while the cowl coloring itself; full cowl-section leader, upper half-2nd aircraft, or lower half- 3rd aircraft, would indicate it's position within the section.
1st Section, Planes #1,2,3, Insignia Red (fs#11136)
2nd Section, Planes #4, 5, 6, White (fs#17875)
3rd Section, Planes # 7, 8, 9, True Blue (fs#15102)
4th Section, Planes # 10, 11, 12, Black (fs#17038)
5th Section, Planes # 13, 14, 15, Willow Green (fs# 14187)
6th Section, Planes # 16, 17, 18, Lemon Yellow (fs3 13655)
So whatever the aircraft number itself is, would determine what color the cowl lower half should be 3 is red, 9 is blue.