My brother knows Bungle. Which is to say he knows the guy who did the voice (who also did K-9's voice in Dr. Who, and turned up actually on-screen in the odd episode of Dr. Who or Blake's 7). The guy who wore the Bungle suit was entirely different and it currently in jail for assault.
Zippy is clearly a Zippy and that is all there is to it.
(Best George voice.)
"Oh, don't be so MEAN, Zippy..."
*Plays drum solo at end of song*
If you go to this website there's a load of Rainbow stuff: -