An auspicious debut, indeed - going by this one, they really should have called him 'the Puzzler' instead, though, as that's more his gimmick here (although, of course, the Puzzler was already a Superman villain at this point, so that was out). Still, good stuff.
I'm pretty certain 'Old Nick' is one of those old names for the devil, so, yeah, that might be another reason why it didn't stick around long. 'Eat Old Nick bars! They're infernally delicious! The cost is but a penny... AND YOUR SOUL!'
You just KNOW, don't you, that every kid reading that bubble gum ad immediately tore off to the nearest store for a pack of gum so they could fly - and burst into bitter tears when they realized it was all a bunch of hooey. Bazooka Bubble Gum, scarring innocent young minds since... since... well, for a very long time.