For much of the 1970s[4] Theakston helped organize the Detroit Triple Fan Fair, credited as one of the first conventions in the United States dedicated to comic books,[6] eventually owning it after working on a number of shows.

[7] After graduating from Redford High School in 1971, Theakston worked with artist Jim Steranko at his Supergraphics publishing company in Reading, Pennsylvania.

[9] He was an original member of the Crusty Bunkers, and worked closely with Neal Adams at Continuity Associates between 1972 and 1979, producing animatics, storyboards, comic art and various commercial advertising assignments.

His name has been given to a process called "Theakstonizing", a term coined by DC editor-in-chief, Dick Giordano,[citation needed] which bleaches color from old comics pages, used in the restoration for reprinting.

[4] He reconstructed over 12,000 pages of classic comic art, including work on Superman, Batman, Captain America, Green Lantern, The Flash, Porky Pig, The Spirit, The Human Torch, Sub-Mariner, Archie, Dick Tracy, Torchy, Pogo and numerous collections of popular comics artists, including Jack Kirby, Alex Toth, Basil Wolverton, Steve Ditko, Frank Frazetta, Jack Cole, Lou Fine, Wallace Wood, and many others.