I have searched for the title of this show for years. And I am not sure if this is the right one. But if it is, I saw it one night alone in 1956 and I will never forget it. The plot concerned two boys who were at a carnival after dark and saw the merry-go-round operator put the ride in reverse and become young. I think the plot had something to do with impersonating thought dead sons of older women and bilking them out of money. The boys could not get their parents to believe them so they took matters into their own hands. The finale has them fighting with the ride operator and somehow throwing the speed control bar forward at a high rate of speed turning him into a very old man. This image was indeed scary. And I believe that's how it ended. Sorry I could not be more descriptive but a lasting image was left.
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