On ODD74, Jon wrote more about this document:
"The original larger draft weighed in at about 100 pages double spaced, and we might suppose it corresponds to the 100 page draft that Gygax sometimes mentioned in his later recollections of the development of D&D. Let's call that larger draft "Guidon" D&D. It was perhaps the earliest complete draft, though the photocopies ["Mornard Fragments"] of it that Mike [Mornard] received feature a number of hand corrections that date from a later time than when GD&D was first typed up."
We can see the typist originally typed "Campaigns" and then altered it to make it singular and added "Games". And "& Pencil" was added later, ironically, in pencil.
Further changes were made for the printed covers (here Men & Magic, Vol 1):
Here "Campaign Games" becomes "Wargames Campaigns" and is moved to after "Medieval". And rather than using the components as adjectives to describe the game, the subtitle here uses them as components "Playable with" the campaigns. These components incorporate the "Pencil" addition and drop the word "Board". But the reference to a board remains in the text of the printed game: "The use of paper, pencil and map boards are standard" (pg 5, section "Scope".
That's all we know so far. This document has been speculated about for decades. I'm looking forward to learning more about it!