Evilwickedmeanandnastydon't despair, name aside, would you like to parent this little one?
If yes, then try not worry.
Re "I fully appreciate that it is his name and possibly the only thing he has that he can call his own"
No it's not the only thing. He's got his gorgeous body, eyes and hair, all determined by birth parents and uniquely his. the name is just what his birth parents chose to name him. But, yes, as Spooky says, it may be very important to him.
Once adopted, by you or whoever else, he will have a home of his own and a mum and dad, and siblings.
A name is a name. But how much does it mean to the child.
BUT for goodness sake don't say too much to social workers! Just nod and smile when they tell you this is the only thing the birth parents gave him (and every drop of bloody in his body!)... but ultimately there are a few issues...
Is there a genuine risk of birth parents coming to try and find him?
Try and find out about any risks aside from the name 'issue'.
Bullying could be an issue, may not, kids love things that rhyme, sometimes.
Once you adopt you can legally change the name at adoption or maybe even afterwards by deed poll. But you want to make sure the child is behind it all.
I've moved position on this a lot. I started out very pro name change, then I was very keep the name (because it is part of them etc etc, and that is true) and now, in the Internet, social media age that we live in I really do wonder if we did the right thing keeping little one's birth name!
As child is much older, e.g. school age, you could give them a choice.