White heterosexual males as me (and maybe you) has rarely any problems with this but every one else suffers from bigotry, racism , patriarchy etc on a daily basis. So I genuinely think that should be avoided here. While I think it's important to reflect on white, male, heterosexual privilege I think the issue here is more about censorship and what you seek to gain by implementing it. There are so many different combinations to make the word of your choice that it's effectively a pointless exercise. It just becomes a game of cat and mouse as the offender picks another similar name. Most of them - just like most insults - are predictably dull anyway.
Perhaps the solution is to issue five pre-approved names that they're not allowed to change. One warning for crossing the line and then restrictions on aliases if it happens again.