If it was really to be in honor of the modularity and progress of blender, one would want to make the "O" not really in any particular font, but to look exactly the shape blender logo, except without the flay or the color scheme: a perfect solid-color circle within another perfect circle. It wouldn't theoretically be confusing because the mark you are thinking of is a hollow circle in an oval. Letter-o'es and zeroes can only sometimes be confusing because in some fonts they are both written as vertical ovals, not just the zero.
Thank you for clarification on that point. Now I am understanding better what you had in mind and agree that a dot in a perfect circle would not create the mentioned ambiguity.