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Again, the red, white and blue of Captain America's costume is the one I would have used on the covers. That would have gotten attention. Before a kid buys a comic he has to be interested in it enough to pick it up and look through it or already know it (as the Superman family) and like it. The covers Atlas used were simply not good enough to attract the kid's eye consistantly.

Regardless, your theory is just to subjective to prove or disprove.

What I do know for a fact though is that when I was ten years old, back in the summer of '65, (way before such things as "comic book shops") when my friends and I went to the local drug stores looking for the next month's comics, we didn't give a solitary hang about the covers. All we looked for was our favorite characters.

In fact, I don't recall a single conversation about comic book covers during my entire childhood. Covers and cover art is a lot more important to me now, as a 52 year old, then it ever was 40 years ago.

Now, if you want to argue that Captain America may have been a better choice because he may have been more popular than the Torch, I might agree with you. On the other hand, it's just as possible that Stan and Marty knew their audience better than we do.
ATLAS ERA SUPERHERO REVIVAL OMNIBUS!