Scrap Iron wears blue and red. Superman wears blue and red. Gangbuster is a hero from the Superman comics and kind of resembles Scrap Iron. Coincidence?
Scrap Iron was a figure that I actually sort of didn't like. I felt like his head was a little too big. His usual job, therefore, was to fire his rockets at the Joes before getting jump kicked off a cliff.
A simple repaint of the Heroclix Gangbuster, it would be easy to go beyond that and add his rocket launcher. He's already holding a nightstick that could easily be converted to a launch cable for his rocket launcher.
If you felt like it, that is...
I wasn't totally happy with my first pass at Scrap Iron, so I added a little detail with green stuff: