Names can, of course, be whatever they want, so there's nothing to say whether or not the name is "right" or "wrong".

From a language perspective, を is most commonly transliterated wo when used in isolation. When used as a particle, it's generally transliterated as o. It also follows the noun rather than proceeds it. So if the intent of wobaka is to mean something like idiot (as the object of a sentence) a number of liberties have been taken.

There's an honorific o お that does precede a noun, which I've never seen transliterated wo.