I kinda like it. I've never thought about it much, but it has a good association for me (the hobbit from LOTR). Like
Gigi I do think 'fool of a Took' though lol, but it's a sort of half-smiling 'fool of a Took'. So yeah I guess I do like it.
I would pronounce it PAIR-uh-grin, not with 'per' as the first syllable.
Some combos:
Peregrine PercivalPeregrine TheodorePeregrine PhoenixPeregrine HarryPeregrine JulianPeregrine OscarPeregrine FrancisPeregrine LachlanPeregrine GeorgePeregrine JamesPeregrine YvesPeregrine Wilding
Peregrine QuentinPeregrine RoaldPeregrine Linus
Anything take your fancy?