I am not a lawyer. If you intend to commercialize your plugins in any way, I strongly recommend getting professional legal advice from an expert in intellectual property rights. Getting good legal advice can be expensive but not getting good legal advice can be really expensive.
As a general rule, if you are making a product with someone else’s intellectual property and without their permission, then you probably have a problem.
In the context of effects pedals, “Whammy” is a pretty specific reference to a Digitech product, so I would be inclined to treat the term “Whammy” as if it were a trademark. I am not sure whether it is a registered trademark, but even unregistered trademarks are protected under common law. Other plugins in the MOD ecosystem use wording similar to this one (taken from The Rude - MOD Audio) :
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“The Rude” plugin, developed in collaboration with guitar virtuoso Torcuato Mariano, is a faithful recreation of the revered “Dude” pedal by J. Rockett.*
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*Product names and trademarks are the property of their respective holders that do not endorse and are not associated or affiliated with MOD Audio; they were used merely to identify the product whose sound was incorporated in the creation of this plugin.
If you say that your plugin is a Pitch Shifter inspired by the Digitech “Whammy”, and include a similar disclaimer, I expect this is probably OK. If you say your plugin is a Digitech “Whammy” I expect you might have problems.
Artwork (including logos) and designs can be also protected by copyright, so a having a UI which is a direct copy of the Whammy design might be a problem. If Digitech were to produce and market software plugin versions of their effects pedals, I would expect them to want to be the only people using their designs. If your UI has the same controls as other pitch shifters but is not immediately recognisable as an existing physical product, that is probably OK. I suspect that deciding how similar is too similar for UI design is non-trivial.
I would imagine that physical guitar pedal circuitry can be protected by a patent. I don’t know to what extent a patent can protect a purely software pedal; in theory patents are not intended to be used for pure software systems, however I would imagine that a direct copy of a physical design into a software emulator would again be a possible source of problems.
If your implementation of a pitch-shifter contains code copied from elsewhere then unless you have permission to use the original code, you may have a problem. If you copied open-source code, you may still need to respect the original license, in particular code licensed under the terms of the GPL can only be included in other software licensed under the same terms.
If the plugins are all your own work, then I would recommend that you choose new names (“Why Me”? ) and use either generic UIs (like the red one above) or your own design so that nobody can accuse you of copying/using/abusing their IP without permission.
Hope this helps.