I started this about two years ago but the caterpillar needed finishing so here he is. I wasn't sure what kind of design to finish him off with and then I thought about Tik Tok from Return to Oz, so he had influences on it.
Ah! I was going to say he looked like a character off of one of the Oz movies! It's been forever since I've seen it so I couldn't remember his name, but boom. There it is right in your description. Haha