ALF was the nickname Willie (sort of) gave him when he crash landed. It's basically an abbriviation of Alien Life Form. Gordon Shumway being his given name on his own home planet.
I really liked the cartoon series, and I like how it got deeper into the character and his planet. plus, I felt the outsourced Japanese animation was Beautiful (in ALFtales especially). We don't see anything like that that much anymore. Just hacky stuff from Korea (some studios are very good, though).
It's a shame that a live action ALF film about his alien home world, using all puppets, would have been too expensive to consider. If we got the imagery and ideas of the cartoon series in live action format, we'd have something.