It is an interesting theory but rather unlikely. The Pennywise "guise" is just that, a face It puts on when it doesn't want to terrify but attract. I know that seems odd, but a clown back in the day was more like a guy in a big purple dinosaur costume today. It disarmed. When it wants to attract Georgie it takes on a look that will get the boy to come closer. This isn't unlike when it used the sounds and smells of a carnival to try and lure Stan Uris further into the Standpipe. It also used the clown shape to try and get closer to Ben. When it doesn't need to use such devices, It doesn't bother. That is very telling in and of itself.
Look at the various attacks (successful and unsuccessful) again. Pennywise only appears now and again and always when the victims are in inconvenient places for It. When the victims are alone in some secluded area and more or less trapped, It goes right for whatever scares them worst. Examples are the bird, creature from the black lagoon, leeches, and so on. What this implies is that Pennywise isn't a first choice, buta fallback. It is useful to creep around in plain sight. The guise was clearly developed a long, long time ago based on the woodcut that Mike Hanlon showed the other Losers. This also implies something else which I will get to shortly.
It can shapechange. This is true, but it is a spiritual entity a dark God from beyond which takes on the flesh. It is a negative, "bad" thing which can sense things in the minds of others. It is particularly good at discerning fear, empty hollows, and weakness. People give it forms to take. Being spiritual creature, it lacks the context to come up with them on its own. It doesn't appear to be good at all (or perhaps incapable entirely) of reading/sensing the positive emotions and thoughts of others. This may be because it is incapable of such things itself. This means it isn't any good at taking on friendly forms. This must require a great deal more effort and come from a stock it has managed to achieve from the past. This is why it doesn't just turn into some child's parent and order it to come over. It can't do that. The clown is one of the few non-terrifying forms it has on tap. It has it practiced and is one of the few it can do without tapping into the fears of someone else.
While I like the fact you applied some critical thinking to the problem of "Why Pennywise?" I don't think your theory holds water. Human beings, no matter how vile, make no "impression." We are ants compared to this utterly alien intelligence. The most prolific serial killers in history are nothing compared to body count It has accumulated in Derry. More to the point, why It has a "taste" for kids is explained directly in the book. Their fears are simply more primal and easier to channel than the complicated stress that adults churn up. A child is frightened by something that goes bump in the night, all jagged tooth and rending claw. An adult fears financial disaster, getting fired from a job, and so on. The fears of children are thus easier to tap and manipulate. It is perfectly capable (and willing) to torment adults and eat them. Why It eats the flesh at all is bound up in the fact that to come here to the material world it must take on physical form. That comes with hunger.
Since I have disagreed with your theory, I really should come up with one of my own. I think that Sai King probably had a notion of doing something with the name "Robert Gray" when the novel started. He doesn't plot everything out in advance. He starts with situation and follows the characters from there, often knowing no more than we (the reader) do until the story is complete. As the tale unearthed itself from the rock it became clear that It was beyond (way beyond) any single name. The nature and origin of It is beyond the world. I think that the story itself revealed that the names of Pennywise and Robert Gray were nothing but affectations, masks selected for convenience but with no deeper meaning. The only name that matter is "It."



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