Tolkien was a linguist (specializing in the languages which were the precursors of English, no less) so I'm sure it was intentional. BTW according to Dictionary.com, there is no proper noun "Peregrin" (though a quick Google will show that it's a fairly widespread name) however there is the word "peregrine" which means:
1. Foreign; alien.
2. Roving or wandering; migratory.
This fits a little too well both with Pippin's life (becoming known as the Ernil i Pheriannath) and with the fact that the Tooks themselves are thought to be strange folk who sometimes go off and - gasp! - have ADVENTURES.
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Father, dear Father, if you see fit, We'll send my love to college for one year yet
Tie blue ribbons all about his head, To let the ladies know that he's married.
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