The acting out of this 'Wild Hunt', or a similar march of the dead, was a common tradition in Indo-European communities. Traces of it can be found in current day celebrations, most prominently in remote regions of the Germanic countries.
Perchten are associated with midwinter and the embodiment of fate and the souls of the dead.
Traditionally, young men dress up as the Krampus in the first two weeks of December, particularly in the evening of December 5, and roam the streets frightening children and women with rusty chains and whips and bells.
-Anticipating winter solstice
-Young men masquerading as the deceased/demonic
-Wreaking havoc at night, making a lot of noise, frightening the citizens
-disciplinary action towards the bad/immoral
The Germanic männerbunde's rites of initiation should be well documented by serious historians, and I'll post here if I find out more.
I think the metal facepaint relates to primitive masque-cults like those mentioned above, where the wearer of the mask was supposed to become or get possessed by the deity/demon/whatever the mask depicted. Not as an atavism per se, but instrumentally. It's a device for inner transformation, to de-humanize, to unlock inhuman powers, to contact the gods, etc.