PHANTOM PEANUT

(Click to enlarge)

Above is a photo that my pal Duane Dimock sent me of a wonderful "dime store" product. Just a few reasons why it's so awesome...
5. This character is known simply as "Phantom"
4. The colorful art on the header card indicates that Phantom is possibly a menacing giant with a grotesque head (or is it a mask?) who carries a skull scepter.
3. The actual figure looks absolutely nothing like the Phantom on the header.
2. Though it's no giant native mask-head, the hairy skull head is also cool.
1. The creators of this ghostly figure used the body from a Snoopy toy!!

UPDATE:
Fueled by a lead from commenter, Flamen Dialis, I went in search of the box art for Revell's Phantom model. Sure enough it was appropriated for this crazy toy conglomeration...

So the name is from the classic comic strip hero, the art is the Voodoo Witch Doctor from the model kit, and the body is Charlie Brown's beagle. The only remaining question.. who's head is that?! Thanks Flamen, for making this figure seem even cooler!