Hm, contraction doesn't lend itself well to hats, or clothes in general. Perhaps if the Star Wars contraction sets sell well we'll get some better options, maybe some better super hero figures.
For now, I think your compromise between accuracy and bio mechanical is just that - a compromise. As a representation of the character, it's crude, and as a contraction figure it lacks distinction - there are sophisticated choices here but the overall effect is rather plain. Of course, it can be done. It's just hard. Why not try again, this time setting out to build an awesome contraction figure, while merely incorporating Felt and Crowbar motifs? A dark red mask or helmet seems better suited to this task.
As a side note, am I correct in assuming that this is for the Everything is Constraction contest?