This is just amazing. I love all of the little details...and Cowboy!'Schach makes me very happy. Watchmen is rather new to me, but I had heard that you were a good fanfiction author, so I decided to check your works out.
I must say, I was very pleased. You and daylilymoon are both excellent authors. Your Walter is very believable, unlike some other very OOC Walters that I have read. Which is strange, because it would make more sense for this to be the OOC one, since this is very AU and all. This is also very poetic and dark, but not in a creepy way. This seems as though it could have sprung straight from the graphic novel, which you should count as a compliment, by the way.
I was also listening to Bon Jovi's "Wanted Dead or Alive" when I read this, which somehow worked very well.