although the squadron supreme didn't actually appear until 1971. It was the squadron sinister who appeared first in 1969 and were created by the grandmaster. It was almost like he created evil dopplegangers out of nothing of superman, batman, green lantern and the flash rather than these characters being plucked from an alternate universe. However, it was later retconned that they were created as evil counterparts of the squadron supreme from earth 712.
But the 616 universe versions are the squadron sinister. Interestingly enough, some of these 616 versions have gone on to become characters in their own right quite apart from the later squadron supreme itself. Nighthawk, for example, who joined the defenders, is actually the one from the squadron sinister. And whizzer became the spider-man villain speed demon. Doctor spectrum also reappeared later on by himself to fight iron man, and hyperion also reappeared alongside thundra to battle the thing.
That hyperion definitely looks like the squadron sinister version though, because i don't think the squadron supreme version wears a mask at all.