Timeslip: Captain America

In Timeslip, a hot artist of today is taken back to 1962 to get handed an assignment by Stan Lee. So what happens when Keith Giffen gets handed this assignment?For the first time, you'll note that Timeslip allows the artist to reinterpret the idea as well as the look. Cap as America existed in the 90s, eh?
Too far?

But the idea is sound. While I wouldn't give up Steve Rogers (sorry, Marvel), making Captain America a reflection of the national identity is interesting. The perfect family man and commie-buster in the 50. A right hippie fighting the government in the 60s. Disco-Cap and his sexcapades in the 70s. The corporate tool of the 80s. And besides, here's what the 90s actually gave us:
and
oh yeah, and
...the horror... the horror...

So what does it mean if Captain America was killed in the '00s?