No text, but a visual code

[Jorge_Stolfi]

The conventional interpretation is that the images have to do with women bathing or with female anatomy, but there is nothing in the rest of the codex to support that interpretation

Well, there is nothing in the book that suggests that the sections are part of a single work. 

It is perfectly possible that they are independent texts, written by different authors at different times and in different places, whose only common thing is that they were translated/encoded/encrypted by the same Author into the same language and script, put to vellum by the same small set of Scribes (maybe even just one) and illustrated by the same third-rate Artist.  Even Herbal A and herbal B may be two separate herbals that were brought together that way.

All the best, --stolfi