I like the overall look of the character. The color is friendly and the large head-to-smallish-body proportions make the character look young.
Blinking eyes are cool, but what are you trying to add to the puppet by making his eyes blink? I think the effect of moveable lids is very good at changing the look of the eye to indicate surprise or sadness (ala Gonzo). The way you have positioned the pupils at the bottom with the lid closing from the bottom, you won't get that much expression variation from the eye other than a standard blink, or a "hold the eyes closed to indicate sleepiness" type of thing. If you're just after the quick "South Park" style eye blinks (indicating dumbfoundedness or stunned) then your design should work well for that.
The Don Sahlin approach was always to keep it simple. If an effect was needed to draw a character out, then it was added. But, except for a few noteable exceptions, most of the classic designs had stationary eyes/lids. Something to think about.
My only other thought is how the eyes will focus when the puppet is front- facing directly at camera. Unless you will always shoot this character from the side during these interviews, the pupils may not show up at all from the front.
I look forward to seeing your new idea develope.