No, he's dead.
And it WAS American Ace.
http://marvel.wikia.com/Perry_Webb_%28Earth-616%29
And here's a writeup on Captain Flame by someone with a much better memory than me.
http://marvel.wikia.com/Frank_Cortez_%28Earth-616%29
I don't have the kiss scan, but I have this one.
Sadly, they did not, so we'll never learn about his connection to Loki and why he was killed and what the big cover up was.