the original was just water based tempera paint. I'm not sure when, but definitely by the 70s, they reformulated it with trichloroethane as the solvent. In the 80s, that was replaced with naphtha.
Yes, probably one of the first intoxicants of some schoolkids - you'd get your face down low to concentrate and see where you were applying the stuff (Tippex in the UK, 1980s) and get a good nose-full.
