Yeah, the Penguin was supposed to be little more than a well-dressed, odd-looking, mobster king-pin. Tim Burton went of his medication, went morose and insane and decided everything needed to be dark and edgy. Thus in his movie The Penguin went from "odd looking, well-dressed, mobster" to "sewer-dwelling freak."
Consider all of the use of the mob in the Nolan Batman world The Penguin as he's "suppposed to be" would fit in very nicely. With his heaviness, typcastedness in the role. and his adenoid problem James Gandolfini would work.