I have seen this prize before. I don't believe it to be Cracker Jack. Here are my reasons:
1. It is smaller and lighter weight than the Z-1080 prizes.
2. I have bought many large accumulations (sometimes as many as 100 -- good ole Kane County Toy Show) of the Z-1080 prizes in the past, and this was not a part of them.
3. I have seen this prize grouped with other prizes similar to it that are def not Cracker Jack.
4. I believe it to be a dime store toy, or (less likely) a cake decoration.
5. Your toy is seldom seen in the secondary marketplace (now that I have said it, watch 30 eBay sellers list it this week) -- as opposed to the Z-1080 prizes, of which there were many millions made for The Cracker Jack Co. Unfortunately "scarcity" does not drive value without "demand."
6. I have never seen any of the toys related to this one in COSI photos.
I know I had some examples of this prize, along with others that it goes with, but I regret that I cannot put my hands on them right now. I am suffering from being stuffocated. See my episode on "Hoarders: Buried Alive" in February.