Not more than a 2% chance --
Here's Sandra during her time at LSU - around 2002:
Let's think for minute... Sandra was hired by Fox in October of 2007. And
notice that's the month these photos were taken (date stamp on one of them).
By 10/26/07, she likely was already setup at Fox, or was packing up at Bloomberg to head there.
What's the likelihood that Sandra, just getting her big national break -- and
already with a career established with BloombergTV by this point - would be so
stupid to march around topless in paint on a public street, broad daylight?
(And this wasn't even anywhere near the LSU campus --it's Key West, FL -see extra post below)After LSU, Sandra worked for firms in New York & Chicago, then became a Bloomberg News correspondent
in 2005 -- so even if she ever was inclined to do this, those days were behind her by 2007.
Let's also go with Sandra's appearance - when she WAS at LSU --several years before
this in 2002, it's pretty clear her build and body type differs too. "Body paint" girl looks at
least a few inches shorter than Sandra. (and really petite compared to the other people
in the photos) Sandra is stated as being 5ft. 8".
And while not in bad shape, she's nowhere near the condition Sandra was in.
We're looking at some drunk coed who probably was still in high school when Sandra attended LSU.
I looked up the "body paint" girl's images and found one or two image collection sites
that lumped her in with Sandra's real pics -- NEVER trust that, because when one
person mistakes somebody in a photo, you know the internet - it takes on a life of its own,
and others fall for it.
One last thing;
Notice that Sandra, to this day, still parts her hair to the right (her left), just as she did in 2002.
"Body paint girl" is the opposite side.

I rest my case
.