No, I was reading WrestleCrap's latest entry on the history of pro wrestling in comic books, and I noticed their mention of the epic "Hulk vs Hulk" confrontation in the pages of "Marvel Comics Presents". Doing a little further research (it was issue no. 45), I stumbled across this:
Identity/Class: Human (Old West era, see comments)
Occupation: Tough guy
Group Membership: None
Affiliations: Unnamed friends
Enemies: Two-Gun Kid (Clay Harder)
Known Relatives: None
Base of Operations: Unnamed town, 1800s
First Appearance: Gunsmoke Western#63 (March, 1961)
Powers/Abilities: Hulk was a strong, powerful man who could shatter wooden tables by striking them. He carried a pair of guns, but preferred to use his fists in a tussle.
History: (Gunsmoke Western#63/2) - One night at a bar, after seeing how adept the Two-Gun Kid was with his guns, Hulk decided to prove to everyone that he was better than the Kid. He challenged the Kid to a fight, and started by throwing him across the room. The Kid drew his guns, but Hulk removed his own, using the Kid's sense of honor to prevent him from shooting an unarmed man. Hulk was easily the Kid's better in hand-to-hand combat, but the Kid frustrated him by dodging his blows. When he threw a table at the Kid in frustration, the Kid observed that he had disregarded his own rule about weapons, then used his guns to shoot a chandalier, making it fall over Hulk's head. The Kid then beat Hulk repeatedly until he smashed him through the wall of the bar and on to a cart outside.
Since this "Hulk" Hogan made his first appearance WAY back in 1961, I'd say Mr. McMahon had been itching to name one of his characters "Hulk Hogan" for quite awhile ...
While that's a good bet, I think I'd go with Hillbilly Jim for the higher payout. They're a year apart in age, Jim had a much shorter career, and the last time I saw him he looked to be in good health.