From
Cool Toy Review's Hasbro SW Q&A it appears this figure is indeed an Indiana Jones figure, Donovan from "The Last Crusade". Here's the exact question and answer. Just ignore the responders attempt at humor and focus on the part of the answer that matters, the bold part.
Cool Toy Review wrote:
Cool Toy Review: Checking out the SDCC exclusive Cobra Commander for G.I. Joe, the body looks suspiciously like the outfit worn by Donovan at the end of The Last Crusade. Is this in fact a sneak peek at this potential figure?
Hasbro: Sharp, sharp observation! Indeed it is, indeed it is. We have negotiated the first three way figure trade in the history of toy lines, loaning Donovan's body to the GI Joe team, who sent the Crystal Ball tooling to Star Wars to become Talon Karrde, and who in turn sent real Stormtroopers to Indy to replace the bumbling German ones. OK, we kid about the last two. Anyway - great catch!
A nice concept for an exclusive and it doesn't even get the body style from the line its representing. What kind of message is that going to send to folks whose first exposure to the new Joes is this T-crotch-tastic figure? I'm sorry but that's an epic phail right out of the shoot. I'm still going to get myself one of each (to support the line) but then I'm taking them right over to the Hasbro booth and expressing my disappointment in person. I won't be buying extras of this figure to customize as I had planned. If I need a suit body badly enough I'll wait for the Indy figure that this one is based on.