The Holmes D&D rulebook should have had a Lucha Libre class

So, I was watching Santo y Blue Demon Contra los Monstruos with my wife (hey, don't judge us, man), which, just in case you are unfamiliar with this cinematic masterpiece, involves two masked Mexican wrestlers fighting a mad scientist, various zombies, and yes, about a half-dozen different monsters of the old-school, ripped-off-from-Universal-Monsters mode, complete with cheap sets, spliced-in footage from other movies, and a shameless lack of acting talent.  The monsters include a vampire (along with two sexy female vamps), a Frankenstein monster, a wolfman, a mummy, and a cyclops.

The latter is what interests me.  Based on a monster suit from an earlier film, what the film refers to as a cyclops is also an amphibian gill-man, giving it a bit of a Creature from the Black Lagoon vibe (in a very cheap, knock-offish sort of way) as well.

While watching the film, I was thinking to myself, "I've seen something like this somewhere before... was it in a gaming book?"  About halfway though the movie, it hit me where I had seen something similar enough that I can't help if it if perhaps the creature shown in los Monstruos might perhaps have served as some sort of visual inspiration.

That's from the UK version of the Holmes 'Blue Book' edition of Dungeons & Dragons.  The art in the UK edition has some one-eyes orcs in it as well, but I've always assumed that the above illustration was meant to be a troglodyte.  Is it possible that the artist was a fan of cheesy Mexican wrestling films, or am I merely reading too much into what is probably a coincidence?