I asked my hubby about this one (as I’d never heard of it) and he has heard of the slang BUT he works with kids from age 7-18 and has not heard any of them use it. So his conclusion was that this is old slang that is not popular nowadays.
We both like the name [name]Peter[/name] and find many positive associations with it.
I love the name peter and have never heard that connotation.
I think [name]Alexander[/name] goes with peter nicely for a mn.
and if you like it russian then:
[name]Peter[/name] [name]Aleksandr[/name]
I absolutely love the name [name]Peter[/name], mostly because of [name]Peter[/name] [name]Pan[/name]. I’ve never heard of it associated with . . . that stuff . . . . (I’m a little sensetive about all that.) Since I’m English and have an accent, I say “[name]Pita[/name]”. . . . People say it sounds neat, but whatever.
I guess I’m on the 50% side of the [name]Peter[/name] [name]Pan[/name], [name]Peter[/name] and the [name]Wolf[/name], and all those other Peters associations.
Good luck! 
!!