Can you share the photo? I believe men were still wearing corsets at that time so it may not have been a women's corset. Have you ever seen the various cartoons poking fun at Dandyism?
I am not sure about the ribbon but it COULD go back to the idea that bulbous calves on a man were considered attractive and a sign of virility, etc. I know this was thing in earlier times (see paintings of Henry VIII for example) but not sure how long it went on. Men would wear tight garters in order to restrict blood flow and engorge their calves. Gross and not very healthy. Henry, who was once described, “with an extremely fine calf to his leg" had disgusting leg ulcers from a jousting accident. His dedication to having big calves is thought have led to his injuries never reallly healing. Perhaps the ribbon is a nod to this practice although wearing just one could have more meaning...perhaps a signal of availability or sexual preference? This is all total guessing in my part though.
I do have a few books here I will check for more information. Right now I am lounging in bed with coffee, a snuggled in dog, and warm blankets. I am moving really slow. ;)
