Waldo sounds dorky to me, but because of my age I don't consider my opinion to be in any way indicative of what names are up-and-coming among those who are in their child-bearing years. It's a common phenomena that grandparents are appalled by the names of their grandchildren, due to changing tastes.
I do think of "Where's
Waldo?" Objectively speaking, I don't see why
Waldo can't fit in with
Leo,
Milo, and
Arlo.