Faulkner always came across as a smart ass to me. Cheeky is a nice way of putting it. It was absolutely part of his persona, and therefore part of his gimmick. He used comedy to varying degrees, depending on the venue and the matchup, but could also work as a pissed off babyface or a serious technical wrestler. The type of comedy that Faulkner and McMichael did, in my opinion, breaks the fourth wall and is a wink and a nod to the most astute fans in the audience, though I suspect the majority of the audience simply found it amusing. It's a reminder that the taped matches were in essence house show bouts, and you often find comedy in house show bouts.
I don't particularly like it when a face like Faulkner uses his technical skills to belittle or mock his opponent, even if the opponent is a heel. I find that type of behavior annoying. It makes me want to root for his opponent. I understand that the majority of the audience see it as the heel getting their comeuppance, or their just desserts, but I much prefer to see a guy like Faulkner become furious over a heel's tactics than act like a dick.
I do think there is a distinction between a guy like Faulkner and someone like Kellett, who was always dropping punchlines into his work. I would much sooner watch a Kellett match than a Faulkner match, for what it's worth. I dislike a lot of the other comedy workers, though. Kellett is interesting because of how crusty he is, and his reputation for being a hard bastard, while hamming it up for the audience.