(Artwork originally copyright of Bill Ward and Jay Scott, plus Bob Clampett!)
We basically still have young, plucky little guys with big, dumb but lovable buddies. Technically, I think it would work. Dishonest John would still get the better of Bullwinkle (until the end). And I'll bet Cecil would love to thrash Boris Badenov.
I did something like this with Johnny Socko and the Iron Giant last year. I think this would be fun:)
UPDATE: Bullwinkle DID team up with Beany Boy briefly on an ad for Thermos lunchboxes. Looks like the mid 1960's to me.
(courtesy of crypt of wrestling)