My niece born this week is E.T
Wouldn't have even thought of it. It's a pretty common set of initials.
One of my friends at high school had the initials E.A.W. (or EW without the middle name)...noone but her ever commented on it. She insisted she wanted to marry a guy whose surname started with 'T' so that she could be E.A.T.
I wouldn't worry about it. My little boy's first name starts with O and middle name starts with J, so that makes his initials "OJ". We were a little concerned about at first but we liked both names so went with it, hope he doesn't get teased too much when he starts school