Formally yes, although in our time ko has a neutral shade, and сhan is female. For example, when the Goro calls other men witch chan with "lovely" intonation in Yakuza, this is considered a gag. But one way or another, in this case, most likely there was a general “ko”, since pun parodied the old tradition to use the ending "ko" in female names (according to the formula "modern name + child like kaoru + ko), which is considered very outdated.