I think at the moment it is a bit of a joke name, sorry. Sounds like a prim and proper little Victorian boy in a frilly or lacey collar, so it seems a bit wussy.
Have heard of the 'pointing Percy' thing too, I think it was supposed to be Australian slang, but really Barry Humphries invented it (you know, the alter ego of Dame Edna Everage). I don't know whether it will still be an association for your son's generation though, maybe not.
I don't think the world is ready for Percy to come around again.