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Maybe, I'd say he was without a doubt a WW1 vet and probably one saw much action. A good one would be both as unless he was an actor it's hard too pull off the upper class stuff
And I have mental health issues and I can assure you PTSD (which I don't have) doesn't work like that nor does any other sort exactly.

Both are good theories, but Mad dog often mentions a Uncle Floyd for some reason whether it is his uncle or Karny or both. Karnage thinks he is really doing good if he is insane, which is why he sometimes doesn't kill his victims or kill Baloo when he had a chance in Stuck on you. He might be disgraced officer since he might have been coward or worse, done something to some general's daughter. I am surprised he hasn't marry for money or try to. Maybe his family who he had lost in a great war drove him insane though I believe he has it because of genes.