That's essentially correct, the game being Chainmail using th "Man-to-Man" rules. What with command figures and the rules, individual figure play was not startling. When heroes, superheroes, and wizards were considered in the "Fantasy supplement," the concept of a player with but a single figure on the table born. I would use my point buys to take a superhero in magic armor, with a magic sword, backed up by a wizard with fireball spells. The superhero would assail the mass of enemy troops, and when they gathered round to attack him the wizard would drop a fireball on the lot. The superhero was very likely to come out unscathed, much to the fury of my opponents.
Well, with what's above, and what I ahve passed along regarding the initial and final drafts of the game that became D&D, the story is pretty well told.
Cheers,
Gary