And even if The Penguin was said to be inspired by a cigarette company ad featuring a penguin, I really dont believe it's necessary to actually see the guy wearing a tux just to point out the similarities.
He's going to get the "Penguin" nickname from one of 3 places.
a) His clothing.
b) His appearance (short, round, long nose).
c) His walk.
IMO, the clothing is the most realistic option. It doesn't have to be a tux, it could just be expensive suits. But the "Penguin" nickname is going to make more sense if it's a tux.
And as for the nose, he doesn't have a Roman nose in the comics. It's long and beak-like. If you're not going to give him THAT nose than there is no point of giving him a big nose in the first place, IMO.
Here's how I see the Penguin:
Daper clothing - MUST STAY.
His walk - CAN STAY, but don't make it a blatant waddle. Some sort of limp would do, although I wouldn't be upset if he just walked normally either.
His loaded umbrellas - MUST STAY.
Big nose - CAN GO.
Short & fat - CAN GO. If the actor they want is short & fat, fine. If not, just as fine.
Obsession with birds - MUST STAY.
Monocle, top hat & cigarette holder - CAN STAY, if reworked. Maybe come up with more realistic takes. Maybe spectacles, a bowler/fedora & normal cigarettes. Or scrap them all (or some) completely, no big loss.
Squaking-laugh - CAN STAY, but shouldn't be so obvious. Maybe a laugh that on any one else wouldn't be that strange but when coupled with Penguin's appearance, walk, etc. it sounds bird-like.