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Clearly a cokehead. Any other characters in films that are obviously (but not explicitly) cokeheads?
Mike from Monsters Inc.
Animated characters voiced by 1980s comedians.
Jim Carey, mask thing, puts it on becomes annoying, metaphor for banging Charlie up his nose.
Coupled with the mad glare and delusions of grandeur I'd say you're spot on.
He's walking to his rocket about two-thirds of the way through the film and he clearly wipes his nose and sniffs.
Did find this naive soul though, who thinks that "the act of wiping his nose signifies vulnerability": http://theottercritic.com/2012/08/27/cinema-subtleties-1-the-incredibles/