It would be interesting to compare the evidence for Russell's putative Masonic membership with that of Joseph Smith, founder of the Mormons, who did not keep his status a secret and we know from contemporary sources that he was initiated on 15-16 March 1842, with a full endowment ceremony on 4 May 1842. See Mervin B. Hogan, Mormonism and Freemasonry: The Illinois Episode (Salt Lake City: Campus Graphics, 1980). Smith's Masonic status -- and his subsequent changes to church order to reflect Masonic practices -- was a subject of controversy in the church in the 1840s.
Such information is absent in the case of Russell. Although he appropriates Masonic symbols and concepts in his literature, this is not the same thing as being a degreed member. In at least one text he expressed an anti-Masonic attitude:
***ZWT, 15 June 1895, pp. 143*** We note also that the Order of Free Masons, if judged by its past history, has some secret object or scheme, more than fraternity and financial aid in time of sickness or death. And, so far as we can judge, there is a certain amount of profane worship or mummery connected with the rites of this order and some others, which the members do not comprehend, but which, in many cases, serves to satisfy the cravings of the natural mind for worship, and thus hinders it from seeking the worship of God in spirit and in truth--through Christ, the only appointed Mediator and Grand Master.
Here he expresses a dislike of the "profane" rites of the Freemasons and suspects "some secret object or scheme", and yet he appropriates a Masonic term "Grand Master" to refer to something greater than Freemasonry.
It should also be borne in mind that the use of Egyptian symbols and pyramidology is not ipso facto evidence of Masonic membership or even Masonic influence. What tends to be overlooked is that "all things Egyptian" were all the rage in popular culture in the latter half of the 19th century....Egyptianizing jewlery, art, etc. (often directly copying motifs from archaeological discoveries in the mid-1800s) were found throughout American and European society.