Yeah, everything seems to point to that being the case. It's mentioned in the Press the Buttons article GrandAmChandler linked. The guy there has written several articles about Mega Man Mania, so I assume he'd have that correct.
Carnivol posted the uncropped images over on your forums a few years back. For anyone who hasn't seen them:
http://forums.lostlevels.org/viewtopic.php?t=1718
Seems strange that they did this since VBA has a built in screen capture mode. I mean, they apparently knew about Alt+PrintScrn, but they couldn't figure out something as simple as going through the File menu? (I have confirmed that the version of VBA available back in '03 did have the screen capture function, so that's not the problem.)