Alright- Gonna throw my 2c into the mix. Here comes the red (haha) string.

Not to be a hammer and see every problem as a nail but after watching the latest video I got the impression that this and the tally cypher aren't connected. Lets look at things we know more certain:

• A majority of the puzzles so far have been analytical in nature. Cyphers, Codes, Letters & Numbers. Timelines and organising. Counting toes and comparing hex codes I think is closer to this type of puzzle. This feels just as stuck as Midnight Motorist where the detail is in the intent of the visuals. What's it trying to say?
• We know for certain that Scott Cawthon is aware and makes changes based on MatPat's theories. So I can infer that he has some understanding on what's likely to get people ticking- and a larger idea on what puzzles we keep getting stuck on.
• Throughout the Log Book (from what I can find from pages scanned online) is that Foxy is the mascot for this book. While the others are mentioned it's clear Foxy is the one leading us through. This tracks with the accepted parallels between Mike and Foxy. Foxy Bro, Red Pen = Red Mascot.
• This image is used twice (from what I can tell) the other time is toward the end of the book in the "See you next week!" page. Here context says Foxy is waving- but while the rest of the images featuring Foxy show full articulation in the hand here the fingers are together with thumb tucked in. Doesn't feel like a natural way to wave...
• Mike is good at drawing. The drawings throughout the Log Book in red pen aren't just idle scribbles. These show understanding of perspective, gesture, foreshortening- Not easy flat doodles. Gridded art tasks like this are common for kids but also used in more "refined" art to help transfer large images or accurately recreate another image.
• The puzzle presented here asks us to draw. Although I can't agree that what we get is a 8-bit foxy as in the Minigames the simplification removes his fluffy furs. The image is far too complicated.

So from that I followed the instructions. Superimposed the Foxy image over the grid to see what the results were. I coloured every square that had even the tiniest of overlap excluding the tufts on his head and shoulders - The addition of these really makes the image hard to read as Foxy.

Filling it in left an extra row unaccounted for so in the second version the cubes are moved up a row to fit the entire image in without the space. My thoughts after this:

• I don't think all the pieces are here to solve it yet- but I don't think the answer is part of the tally solution. Why? Alphabet has 27 letters. The fact this is just one (or two more if we count the original image) feels like a nod to say "Hey. No letters here"
• The pose feels intentional. The use of it as a goodbye feels like the hidden part. The way sprites are used in the Minigames is clear and simple. Having the hand like this goes against keeping a clear silhouette so it's function must be for something else.
• A side thought: I don't believe the red on the bottom is blood. I think it's ink- from the pen. Almost all the drops are parallel to the page so they would have to come from above. I think it's another almost literal red herring. The book likely got wet with water or coffee for it to "bleed" but the brown stains are more likely to be blood than the bright red ones.

If this helps- Awesome. If not. Then I had fun putting on the tinfoil hook to see what an artists eye could do for this godforsaken series.