I think the WWF thing was due more to the logo than the initials. For a long time, the wrestlers used a metallic looking logo, then in the "attitude era", they switched to a wild clash-slash looking one, which more closely resembled the wildlife's logo. I think that was what triggered the lawsuit.
As far as avatar goes, I found it *meh*. Neither lovable nor hatable, just kind of "there". The best part by far was imagining the half-naked smurf/monkey chicks fully naked.