
If you can't make out the caption it reads:
Given that the art is based on the back cover of Albedo #3 and was intended to promote future issues of Albedo it feels safe to assume it was created after the art for Albedo #3 was finished and before Stan had decided to switch to Fantagraphics Books for Usagi Yojimbo Volume 1. This jives with the 1985 copyright embedded in the art itself.The Art of Usagi Yojimbo wrote:An unused promotional image ad for Albedo. Of particular note, the mountain scene and Usagi, which are based on the back cover to Albedo #3, have been entirely redrawn fo the ad, a practice Sakai still follows today.
That means that the only stories that would have been published at that time would have been "Usagi Yojimbo", a.k.a. "The Goblin of Adachigahara", and "Lone Rabbit and Child".
It is easy to recognize Miyamoto Usagi drawn in his early style and similarly that is an early Tomoe Ame, the mon helps identify her, but who is the other character? He kinda looks to be a proto-Sasuke but Sasuke would not make his first appearance until "Kumo" was published in Usagi Yojimbo Volume 3 #37 fifteen years after the copyright on this image, in 2000.
Curious if anyone has any insight into who is character is/was intended to be?