[@Omega Man] Yeah Chris Benoit was the original Pegasus Kid, then when he was unmasked he became known as Wild Pegasus. When Balor first started in Japan he was under the mask as Pegasus Kid II, but it was only for a couple of months in 2006. It was meant as a continuation of the legacy of the original Pegasus Kid (similar to many other wrestlers like Tiger Mask and Mr. Wrestling). But it didn't really stick, and then the events of 2007 happened. 

I suppose you can stick with the Pegasus moniker if you really want to, but if it's meant as more of an homage to Balor then I'd just recommend veering away from Pegasus entirely due to the additional baggage. Like I said it's your call at the end of the day though. Maybe since Balor is also known as the Demon King, you could play off of that and use "Angel" in your name. Would fit the vibe. Something simple like Angel King, Archangel, Icarus, Icarus Jr. All sound like luchadore names. Something like that would work with the "From the Heavens Above" hometown too. 

Either way, the application is solid so feel free to add it to the Char section once you've settled on the name and picture.