I was just thinking about G.I. Joe and steampunk mash up the other day, this is just awesome! As with The-Necromancer, I agree that the gears in the logo a great aesthetically speaking. I think the icing on the cake though is the design for the vipers behind him.
Like many comic book characters, origin stories tend to change from generation to generation. In the original series, the Commander indeed started out as a rather unsuccessful and bitter business man. He began to take up critical views of the government, and eventually gained some support in the town of Springfield. In some ways, the Commander's origin story in the first series was eerily like the real life rise of Hitler. With exception to the fact that the Commander didn't go into the political system to try and achieve his power, that is. But otherwise, the rise of a fairly regular blue-collar guy to the position of heading an advanced and global terrorist organization is rather comparable.
In the Sunbow cartoon series (and movies?), on the other hand, the Commander originated from the forgotten land of Cobra La. He was a scientist of their human-like race, and was sent into the outside world to pave the way for it's conquest by Cobra La. I find that to be a much more silly story, but thats the 80s for you.
And if you've seen the recent live action movies, he's again originated as a fairly average dude who suffered an accident and was left for dead while serving in the military. Turns out he was a bit upset about that...