I thought this name was rather fabulous! I'm not usually a fan of nickname names, but Hank is so far removed from the formal version (Henry) that I think it's okay to use as a stand alone first name (although I still wouldn't myself). A refreshing change from the last baby boy I met before this one, who was named Aidan.
EDIT - There is a thread like this on the boy baby forum already. I thought that's what I was replying to.