Jeff, unfortunately I will not be able to pass judgement on the genuineness of the 2 Armenia overprints shown in the enlarged scans. I do not trust them (particularly the one on the 25k stamp), but they are beyond my expertization capabilities in this field.

I tried to compare them with examples in my collection of unframed monograms (genuine and forged sold separately), but to no avail.
According to the real experts (Ceresa, Tsilighirian), the unframed "Z" issue consititutes "the most difficult chapter of Armenian philately". In my genuine collection of this issue I have included ONLY signed (by Ceresa) stamps, stamps from very reliable sources and stamps with genuine cancellations.