It wasn’t so long ago that Gretchen Mol was hot. Vanity Fair put the actress on its April 1998 “Young Hollywood” cover. She snagged roles in Rounders and Woody Allen’s Celebrity. And she appeared on VF’s September cover with an instantly notorious display of her nipples. Lately, though, things haven’t been looking so perky for Ms. Mol – or her breasts. First there were the dismal box-office receipts of Rounders and Celebrity. Then the New York Observer quoted a talent agent saying that Vanity Fair “absolutely … picked the wrong person” for its cover and that Mol is “talentless.” And now even VF has turned on her: The magazine, in an uncharacteristic moment of propriety, has airbrushed Mol’s nipples out of the subscription-card inserts featuring her cover image. “It was an overzealous circulation department, and it shouldn’t have happened,” says a VF spokesperson. “I’m not sure we’re even going to use it anymore.”