If you like it then go for it. I like the nickname. As they say when naming your kids. Say the name out loud a few times.. ie.. Basil/Baz pick up your toys.. Come here Basil/Baz.. Think of how it might be for him later.. If you still really like the name but aren't sure then maybe use it for a middle name

"Come here Basil!"..."Shut up Basil"...."Oh, and Basil, one more thing: If you're going to grope a girl, have the gallantry to stay in the room with her while you're doing it.".... ah Sybil Fawlty, you are my hero.