Bad initials??

Amanda • Baby 1 born June 10, 2016 Baby 2 due mid-March 2017 😊
Dilemma....The boy name we have picked out starts with an O. I want the middle name to have meaning to it and I would LOVE to have him have a shared name with his grandpa. My dad means a lot to both of us and we would love to do that. Grandpas first name is Frederick and middle name is John. I think the O name sounds kind of blah with Frederick (it also happens to be my maiden name too so I'm not sure if I'm not crazy about it because I'm so used to it or what) but I think the O name sounds GREAT with John, however that would give him the initials OJ....yeah.....is that a big deal?
Or we could just skip grandpa all together and go with sharing dads first name or something else non-meaningful but sounds good. 
What do you think?

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