The Penguin, oddly enough, was an early childhood favorite. Because of his numerous appearances in cartoons of the 70s and 80s with The Joker, I always thought they were a team and found it odd when I discovered just how different the modern comic versions were. But when you look back on their Golden Age exploits, it's much more in line with their Hanna-Barbera incarnations.
Mr. Cobblepot is a fusion of original, vintage GI Joe parts (Headman torso & waist) and modern (GI Joe movie Destro arm), topped off with a third party sculpted head, with some accessories courtesy of Indiana Jones' Henry Jones Sr.
For Gotham's Most Wanted, I wanted to ditch The Penguin's tux and go for something a little more mobster-y. The Penguin was actually one of the very first villains I worked on when I started my Batman universe, but I was never quite happy with the head and hands. Once I found suitable replacements, I rediscovered my love of the character and knew he had to be in GMW 2... though I may not be quite done with Mr. Cobblepot. I've always wanted an on-model version of The Penguin from Tim Burton's holiday favorite, Batman Returns...