I have no idea why this guy decided to call himself the Worm Man. He shrinks and grows and runs around! Like a worm!

To continue to answer the question of what i would have done if i were the Worm Man, first, i would have sued the hell out of Henry Pym. This story was in Strange Tales #78, with a Nov 60 cover date, over a year before Tales To Astonish #27. Maybe we need to see the Worm Man's origin story. Ant-Man's first adventure involved him falling into an ant colony. Maybe this guy first fell into a pit of worms. Maybe he even developed a way to talk to worms, but realized talking to worms isn't very productive.

Second of all, i would stop storing my growing pills in my crotch.

why do his speedos and pill case shrink but none of his other clothing? why doesn't he make all his stuff out of shrinkable material? i bet he's got some kind of foot fungus now.

Reprinted in 1970 as, hilariously, "The Man in the Rat Hole" http://marvel.wikia.com/wiki/Tower_of_Shadows_Vol_1_6

Now imagine if Worm Man was recycled like Hank Pym was and joined the Avengers.