A viable option may have been overlooked. Professional organizations often have multiple 'logos' that have strong brand recognition. Neither detracting from the other.
Take the Philadelphia Phillies for example. They have the Philly Phanatic, a cartoonish character that appeals to the young and young at heart. The Phillies also have a very professional logo that symbolizes professionalism and embraces their history. The two corporate symbols are not mutually exclusive.
I agree and to be honest when you have bobble heads made up and name the logo, etc it leans more to being a mascot than a logo; in fact I thought he was the mascot!
I have run a retail store and while I don't have a degree in business, I have attended a great number of trade shows and can say that a set of coffee mugs, shot glasses, key chains etc would look wonderful with a crest type logo on them and would appeal those of us that want a more professional looking product.