"Highbulp!" Bupu glared at him. "Highbulp Phudge I. The great."
There are no great insights to be drawn from this passage from Dragons of Autumn Twilight, except maybe one about how not to do comic names in fantasy. Don't have a name be a misspelled version of a comically non-genre word.
I first ran across this advice in the 2e Campaign Sourcebook: "Keep the names consistent with the world. Fearless Phred, may seem cute initially, and generate a few chuckles, but eventually, the joke wears thin and the DM is stuck with an NPC who has a stupid name. Regardless of Fearless Phred's prowess or power, the PCs will never take him seriously."
Let's overlook the obvious point that such a name is dumb, dumb and stupid. The other issue is that D&D is a spoken game. When spoken, Phudge sounds like Fudge. There's really no reason to spell it differently except to amuse the DM.
Another comic-misspelling offender: R. A. Salvatore, who has a dwarf named Pikel. (Doesn't he also have another dwarf with a stupid name, like Hiyaa or Kaboom or something? What is it with people and their rank contempt for dwarves?)
Also, how do Weis and Hickman think "Highbulp Phudge I" is pronounced? "Highbulp Phudge The First"? "Highbulp Phudge One?"