Does anyone know any children named Walter? I think this is a name with potential to make a comeback, it's quite classy with numerous Sir Walters to look up to, from Raleigh to Scott.
It doesn't imo lend itself well to shortening - Walt is too American for my taste and Wally has become a bit pejorative. Mind you, 'Charlie' has carried much the same meaning in the past but seems to have weathered the storm.
But shortening isn't inevitable. My grandad was a Walter, always called Wally or Wal, but I remember another old Walter at the time who was never shortened, but always referred to as Walter W. It sounded quite grand to me.
More recently there is Walter Swinburn the jockey. His father of the same name is known as Wally, but WS jr has always been Walter.