The Crimson Avenger II
Created by Bill Finger, Dick Sprang and Sheldon Moldoff
In the Silver Age of comics, super-heroes returned to popularity and DC revived some of its Golden Age properties in new ways. In World's Finest Comics #131 (Feb. 1963), the Superman/Batman team encountered a new hero called the Crimson Avenger.
This man was an inventor named Albert Elwood, who decided to use his skills to help fight crime. Elwood created a number of fantastic weapons and donned a flamboyant red costume. He intervened when Batman and Robin were trying to catch the Octopus Gang; as the Crimson Avenger he used a fire-gun and a device which created bubbles of force to contain the bandits. But when the criminals ducked, the bubbles smashed into Batman and Robin and the crooks escaped. The Avenger fared similarly in a meeting with Superman.
Elwood was captured by the Octopus Gang and rescued by the world's finest team. He vowed to hang up his costume and content himself with inventing.
Though this story took place on Earth-One, the Avenger made an curious remark: "I've taken the name of a former lawman — the Crimson Avenger!" One might argue that he'd read the original Avenger's adventures in the pages of comics books, something which was true of the Earth-One Flash and his Golden Age counterpart.
The second Crimson Avenger appeared only once.