I don't know whether the timeline might make a difference to your opinion but Two-Gun Kid was floundering in 1960. There was a large time gap between the publication of issue #59 and issue #60.
Two-Gun Kid #58 was published on October 27, 1960.
Two-Gun #59 was not published until January 31, 1961. It was cancelled that month to allow Amazing Adventures to go monthly with issue #2.
Two-Gun Kid #60 was published August 2, 1962 after a eighteen month hiatus. It replaced Amazing Fantasy.
In other words it was sacrificed for the entire run of Amazing Adventures/Amazing Adult Fantasy/Amazing Fantasy.
An an aside, Rawhide Kid was an earlier, somewhat similar, retcon. It was cancelled in the Atlas Implosion of April 1957. The title reappeared with issue #17 (April 1960) and a reinvented Rawhide Kid. The blond "Rawhide" or the "Kid", who was never named in the earlier issues, became Johnny Bart, avenger of his Uncle Ben's death and misunderstood outlaw.