Widening Gyre is a hell of a lot better than "Cock-joke-ophany"
I was slightly skeptical about Widening Gyre due to some EXTREMELY negative reviews I read. Apparently Kevin Smith wrote the whole thing blazed out of his mind and if Hunter S. Thompson ever taught us anything it's being fucked up can sure make for some interesting stories.
But getting back on topic... I'd imagine Smith writing Nite Owl's early plot line, showing a young Dan day-dreaming of dressing up and doing good. In ways I can understand how Smith would be able to capture that innocence but I honestly don't think he has the restraint to make it work. It's like his movie Red State, which I like alright. He tried to create something that clearly wasn't his standard material but for the first 20-30 minutes of the movie all the dialogue is really heavy-handed and annoying (I personally really got into it after the well-delivered sermon by Michael Parks). It eventually managed to settle down and he found his place but Watchmen isn't the property that allows you to dick around for 2-3 issues. You have to be on that shit from the get-go if there's any means to make these prequels seemed justified and frankly Smith isn't the kind of writer who can easily jump into other realms.