i'd love to give it a shot. you'd have to be very careful what solvent you used, because you'd run the risk of bleaching, warping, or coloring the paper. something like naphtha or toluene would probably leave tide lines, because it would clear dirt and oil that had accumulated over time. if you have a beat up copy and just want to see what's underneath, that's probably not a concern. naphtha is pretty toxic, and toluene is VERY toxic, so you'd have to consider that too.
i've always been curious about the glue they used. i doubt it's archival, which means it probably isn't reversible by any standard method. if i had a copy to mess around with, i would wrap the text block in plastic and improvise a jig to hold the text block up in the air so the cover could lay flat against my desk. then i'd apply heptane to the back of the cover and use a iron and a micro spatula to try to coax the label off. i don't think it would work, since heptane tends to work better with adhesives that still have some tack to them (as opposed to glue that dried over 50 years ago), and you'd need so much heptane that it would be almost impossible not to stab through the paper with the spatula. still, it'd be fun to try.