Unless you know the provenance of the gun and are positive the barrel has not been swapped, it is a very poor indicator of the date of the gun as a whole...
Due to the simplicity of changing barrels on the Model 11, it is common for the date code to not match the serial number date...Many people owned more than one barrel...
As I am sure you determined already, RC is November of 1934, and pretty sure that is too early to be a 'Sportsman' 3-shot...
Here is an old thread I just found:
http://thefiringline.com/forums/showthread.php?t=320752