ML Hobgoblin makes the perfect base for this custom. It is 85% HobyGoby and the rest fodder bin.

Head ML Mr. Fantastic Reed Richards.
Sculpted beard and eye patch.
Studded collar is from the DCUC Metal Men Iron figure accessory wreaking ball.
Regular collar is from the DCUC Samurai figure straps.
Bullet belt is from DCUC Jonah Hex figure.
Arm strap is from a ML Ghost Rider belt.
Hands were changed over from the same Ghost Rider figure. He can now hold and retain weaponry.
Sculpted AB armor.
Trimmed down the elf shoe tips and the boot flaps.
Weapons from fodder bin.
Painted and then posted.

If I manage to get another Hobgoblin figure, I would probably swap the lower arms and boots with a ML figure like Cap A or Cyclops. This would give him a more original comic book look, but for my 1st stab I thought the original Hobgoblin parts worked out ok.