If I use Mr. Fantastic's Trait FIND A WAY TO SAVE MY FAMILY on Bombastic Bag-Man and Bombastic has the Infinity Gauntlet. Does the Gauntlet go back to its first click since he was removed then returned to the map or does it stay where it was when he was KOed?

You don't turn any dial in the game without explicit instructions to do so. Bringing back a character with the gauntlet will not move the gauntlet at all.

thanks, Suttkus

Would you even get to keep the guntlent since the char it was assigned to is defeated and then returned?

Nothing about the Gauntlet says that it goes away from the character when the character is KO'd.