Head: 50th Anniversary Cobra Commander (Red/Black version)
The Rest: Marauders Task Force parts
(Finger puppet for illustration purposes)
This version of Cobra Commander is from the unproduced "Replicators" wave had the G.I.Joe line continued into 1995. There are photo images of the prototype figure on 3D Joes courtesy of Joe Declassified.
One painted image shows what appears to be a black & gray clad Cobra Commander with an alien bursting forth from the Supreme Leader. Since the chest-bursting alien takes up a good bit of the image, CC's torso allows for some interpretation. One item of note is that the image shows Cobra Commander sporting short sleeves, which I think is pretty cool. Another small item of note is that he is only wearing one glove. Anyway, I tried to replicate the figure seen in that painting with mostly Marauders Task Force parts. The head was originally red so I gave that a good coating of black and the icon on CC's forehead is a sticker from the Retaliation Ninja Combat Cruiser.