That model is probably his wife Eleanor, who he clearly considered to be the most beautiful woman in the world and who was also a very skilled businesswoman who handled most of Frank's professional negotiations and was the reason that the Frazetta estate still has control over his works and image!
I do like that Vallejo understood that a significant minority of his audience was gay men who wanted to look at hot hunks and that's why he let a bathhouse use one of his pieces as an advertisement