No, the "Villain Fight Club" was just chasing a trend to me to finish off the first volume, I thought. They thought it would boost sales. They failed.
When Thunderbolts launched, I had just gotten over the Venom stuff and really didn't like the idea of villains becoming heroes again. I thought it lowered the pool of capable villains and the Masters of Evil have really never been replaced since the "good" members became Thunderbolts. I suppose it isn't fair to blame other writers' lack of imagination on Thunderbolts, but there it is. I just was never interested and by the time I would have been, it was already deep into a second or third volume and I NEVER just dive into something blind. I either read everything or nothing. It keeps me off a lot of books. Hell, I'd have been on Flash ages ago if I wasn't like that, but I like getting every reference. It pays off on stuff that hasn't gone on long, like INVINCIBLE. What I know of Thunderbolts comes off Handbook Bio's.
Like I said, I have nothing against Speed-Demon, I just don't know him well. He probably would have some sort of conflict with Nighthawk, as he went back to crime a few times if I recall.