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It wouldn't have had the same effect because Hogan was legit 6'5-6'6 and jacked. Stallone was jacked, but was nearly a midget. Look at how Hogan dwarfed Clubber Lang.
It's easy to see why the idea existed that Hogan could have been an action star.... but the shaved head look was not in vogue yet (he was balding) and his acting chops weren't there even by action film standards. Just imagine a classic line like "it's not a tumor, brother" or "You Adrian, brother, the Hulkster did it, dude!!" coming from Hogan's mouth and it's easy to see why. Thunderlips was really the perfect type of role for him, brother.