most randos also aren't gonna see a grown man and thing "Kid" just because his hair out. especially if, based on what you're saying, most people think of Wallace when they think "Wally West". so they double won't be associating him with kid flash because of his hair since, if they are thinking Wallace first anyway, then they are thinking of Kid Flash being a black kid not a grown white man. so if his hair out it doesn't matter anyway, so it's a viable way to distinguish him as his own Flash without jacking Barry's style. the whole reason the Kid Flash design as we know it now was created in the first place was to distinguish Wally from Barry. It would be like saying Arsenal shouldn't be in red because his coloring is based off his Speedy design.
I'm not wholly against Wally's old suit as The Flash, someone earlier suggested if they could just give him his old suit but make it blue like his suit is now, in that context I think it could work. but short of that sort of drastic color distinction, having them in an almost identical suit just doesn't seem like a realistic option to me.