Very few people are going to get the "quaking aspen" reference/connection. Aspen would be better for that.
I think it's so tied to Waverly Place it's unusable. Not one but three connections I can think of:
1. The Wizards of Waverly Place.
2. Waverly Place was a character in "The Joy Luck Club" by Amy Tan; she'd been named after the street by her Chinese immigrant parents, who apparently didn't know any better.
3. "Waverly Place" by Susan Brownmiller, a fictionalized version of an infamous child-abuse murder in NYC in the 1980s. Very sad case and a really crummy book, because all it really did was change people's names and put words in their mouths.
And the nn Wavy would be almost inevitable. Wavy Gravy?
Before you criticize a man, walk a mile in his shoes. That way, when you criticize him, you're a mile away and you have his shoes!
Steve Martin