I created Peeny-Boy and gave no thought to what his name might mean, or to the entomological roots of the words that make up his name. I fact, I thought the name was only funny, and never considered for a minute that someone might use the name to insult another person. But if you go here and scroll down a bit, you'll see an argumentative poster named "Blondie" (another comics inspired name?) has appropriated Peeny-Boy and is using it as an insult!
Now, I happen to think that if you call someone by the name of or compare someone to Peeny-Boy then you are complementing that person, in the same way that saying "Hey Superman, god job!" is a complement. But that's just me.