I think the cap on the old Marco was used for the purpose of placing Marshall on the logo. I had an old Marco t shirt in the 1950's when I attended the Lab School at Jenkins Hall. The name Marco (for Marshall College) was coined by Dr Bob Alexander, MU Business Professor when he was a student at MU. The beanies worn by freshmen were not anything like the Marco hat.
I never cared for the new Marco image, I believe it was one Dan Angle's ideas. I had a relative on the MU Alumni Board of Directors and she was told that the old Marco was frighting to children. Changing the green from kelly was another big blunder. JMHO.