I've never seen these movie serials, so I shouldn't judge... but based on a few things I know about them... I'm gonna judge anyway.
First, kudos for an attempt at getting the costume somewhat accurate (after the one from the first Avengers movie, it's hard to imagine there could be a worse one), but they left off the wings on the head on this first-attempt costume. A lot of people have always felt that the wings on the head wouldn't work in a real-life costume (so an alternative, like in the MCU movies, was to just have them as flat emblems drawn on the sides of the head piece).
But here's where things really fall apart - this isn't even Captain America (not the one anyone was familiar with either at the time these serials were made or at any other time)! His name isn't Steve Rogers (it's Grant Gardner)! His origin is absent, for instead of becoming Captain America via the "super soldier serum," as Steve Rogers did, this guy is a district attorney! Why they threw away a cool origin and replaced the name is anybody's guess.
The biggest blow of all (even bigger than the name change)... NO SHIELD!
(WTF???)
No red, white & blue shield of any type - not the original triangular one, not the definitive round one, not even the lame "energy shield"... instead, what do they give "Captain America"? They give him a handgun to wave at bad guys.