I had something similar happen when I was researching Leo Glen Smith. I ended up adding research notes to the bottom of his profile indicating who he was not.
Because I found lots of sources for Leo L Smith before I realized he was the wrong person, I went ahead and created his profile and dropped the sources there.
In your case, you could create the second man, attach both men to the sources while you sort it out, and then detach the unrelated one from each of the various images as you come to conclusions.
I'd but a big bold disclaimer at the top of both bios telling what your process and time frame is. That way, if life happens, you and others will have a reminder as to what's going on.