Yes, that abomination is exactly what you think it is.
The Taurus grips are actually the perfect size "boot" grip for me, they cover the backstrap (I've previously been cutting the pinky area off of the old Uncle Mikes J-Frame grips, to get a boot grip with a covered backstrap), and they are just tacky enough.
I'm either going to have to paint the medallions black, or rip them out of the grips entirely though...just don't like having "Taurus" written on the side of an otherwise perfectly good 351c.