It's good ol' Hank Pym himself, ANT MAN! Here he is, re-imagined as a custom "Mego style" action figure, made by me! One of Marvel's early Silver Age heroes uses a custom head (from the now-defunct NotDolls.com site), and "Dr. Mego" boots and basic red outfit. The black portions of the outfit were done in paint markers, and the belt is custom-built! I went with black (instead of blue) for the accessories, since this simply works better in 3-D, and also make the suit seem more of a "work outfit," as opposed to flashy superhero togs! Click images below to enlarge!
Below: It's the 70s incarnation of the identity-crisis striken Ant Man, YELLOWJACKET! Using a custom-made outfit, and a re-cast of the Aurora BATMAN kit head, here is the famous Avenger as Mego woulda made him!