I have no idea. Your thought about rhyming in a children's song certainly rings true to some extent, as our kids do have a little jingle that would make 'zed' sound rather odd. I'll be watching to see what others come up with.
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khoffbut I can't think of any consonant names (other than "zed") that require getting another consonant involved."Dubya" has a couple of consonant sounds.
khoff I suppose it would be more consistent for W to be called "wee."Puh-leez!
khoffI suppose it would be more consistent for W to be called "wee."Or we could adopt Nintendo's "wii".