Have you ever noticed that the artistic design of Homer Simpson and Krusty the Clown are strikingly similar? There’s a reason for that. Originally, when the show was being created, Matt Groening had the idea that Krusty the Clown would be Homer’s secret identity and would eventually reveal himself down the road. The idea was later dropped as being too complex for a cartoon comedy, however Matt still tried to play on the relationship between Bart and Homer as a son who who completely disrespected his father, but worshiped a clown that looked just like him.
Below is an interesting interview with Dan Castellaneta (voice of Homer, Krusty, and other characters) that talks about the creation of Krusty. He mentions the secret identity idea around 2:25.