The picture disc is actually the record version of the My Little Pony song tape, with the seven songs (AJ, Bow Tie, Lickety Split, Posey, CJ and Tootsie, plus intro) and the story. It was only sold in the UK I think. Probably in 1985...my tape is dated 1986 so that would make sense.
You have the lyrics too. I think it's a niche item that some people would be looking for, depending if they can play it. But that's what it is, and you might get more interest with that info. It's called picture disc but I have no clue why...