I think a good example for you to consider is the same name on a different person. In this case another Asian. I would be willing to bet that the majority of young girls who would love to own a Jimmy Choo original have any idea of his ethnicity ( Malaysian, by the way). When the fashion folks make numerous puns about "Choo-sing Choo" I do not believe they are being racially insensitive... Especially since Jimmy Choo has now endorsed the pun and released a line with H&M based on it.
Concerning Jeremy Lin, the comment used was "Chink in the armor"... That is racially insensitive... If the same author has instead written an article after Jeremy was injured and could not play and the team lost... Would it also be racially insensitive if the title of that article was "Missing LINk?" ? I do not believe so.
FYI... My last name in the real world is Meyer... Pronounced like "mire"... I loved when I learned my students had a chat page talking about my class and called it "Wallowing in the Meyer"... I have even co-opted the name for my forthcoming blog.
Bottom line: Plays on names can be insensitive.. IF there is an intent ( or link) to deride that individual or culture. If not, it's just creative fun.