I know at least here in North America a field guide for hover flies was published relatively recently that included common names for every species, many of them newly invented for the purpose of the guide. Some of them sound remarkably similar to your hilarious improvised name! This approach worked fairly well for dragonflies but it gets more and more impractical the further the subjects get from being charismatic megafauna. There are just too many insects/fungi with too many minute similarities for common names for every species to work well.
E.g. I talked about this before with Condylosylus flies: