Like everyone else I expected a Woody Woodpecker knockoff. I quickly discovered Two-Bit has nothing to do with WW. I can picture the editor telling his writer, "Woody Woodpecker is big. Gimme a woodpecker." The writer takes a character he already has and turns him into a woodpecker. My check, please.
This comic reminds me of Spencer Spook. The editor and/or writers haven't made up their mind how to present their character. In some stories Two-Bit might as well be a human as a bird, while in others he is a full-fledged woodpecker. In "Sherlock Holmes" he becomes a character in a plotted imaginary story. In other tales he stars in "real-life" adventures. In the rest of them he plays a Munchausen role, narrating a series of vignettes. Other signs of shoddy preparation include a mis-assigned balloon, a story with a typeset rather than a hand-drawn logo; and a story that was drawn the wrong size so a footer is needed to fill out each page.
The only story I liked was the first one. Two-Bit's Plastic Man disguises gave me a chuckle or two. The ending is utter baloney. Maybe it'd make sense if the guy were married and Two-Bit's client eventually realizes she is "the other woman." I'm over-thinking this. Anyway the other stories range from tedious to insufferable.
Others have suggested W. C. Fields as a prototype for Two-Bit. His costume, gestures, and basic speaking style are reminiscent of Fields. But the character he most resembles is that grand-daddy of all tedious, insufferable braggarts: Major Hoople of "Our Boarding House." The exception is Two-Bit's odd style of speaking. Dropping g's and describing first-person past in third-person present tense ("I goes to the window and looks in") are traits usually assigned to comic-book hoboes Two-Bit seems more educated than that.
The filler stories do nothing for me. Tumbleweed Tim smells like a re-worked Abbott and Costello story. L'il Fish smells like the title creature. It's amazing how a five-panel story can seem outrageously padded.
The final question: why "Two-Bit"? The phrase implies small-time, cheap, cheesy. For all his faults TBTWW doesn't fit these descriptions. The name certainly isn't euphonious. Waldo the Wacky Woodpecker, perhaps. It hearkens back to my earlier scene. "A conceited braggart? What kind of two-bit idea is that?" "Brilliant, Chief! That's what we'll call him: Two-Bit, the Wacky Woodpecker! My check, please."