"I generally feel that Pinky's costume has aged better than his nom du costume. Originally, the name made a sort of sense in connections to his mentor's code name, seeming more logical than the Black Terror and Tim for example. Then came the associations with pinkos during the cold war years, and now it just seems effeminate, when it originally had neither connotation. Life can't be easy for a boy called Pinky."
I do agree that the code name Pinky has aged the worst. If Mr. Scarlet and Pinky had debuted today a lot of people would be making homophobic jokes about him. Actually in
Power of Shazam issue #44 the New Mr. Scarlet A.K.A. the former Pinky commented on his name in a very similar manner as yours