Sometimes it may work, and sometimes it doesn't. It will work when it comes to gag comics, but action comics...I heard a story here where I come from about a comic creator, who keeps "recruiting" people who have cool characters, to be part of his "universe", just like what DC or Marvel is doing, but in the end, this creator guy treats his colleagues who joined him that their characters would be nothing but play second fiddle for his characters, and only his characters stands out instead of creating a good story which involves all of them. Its ridiculous.
So do the former when it comes to gags. Don't do the latter, or you and the other guy will be butting heads like mountain goats when it comes to sharing the limelight.