I was told many times that the two-finger point is an attempt to keep from offending cultures for whom a sing-finger point is considered vulgar. The equivalent, I would think, is like gesturing towards the direction requested with your middle finger extended. However, it's never bothered me, and I think it's kind of unique, in a way, because not many places have their employees do the two-finger point. Now, I have no idea whether Walt was the "origin" of the two-finger point, because of his cigarettes, but I do think it's ridiculous to edit them out of pictures. Cigarettes are part of who he was, and frankly, while I have cigarettes with a passion (even though I'm totally fine with people smoking them away from me), I think it's an insult to him. Plus, as showed above, many Disney characters have smoked in their respective works. Are they going to now go back and edit ALL of those works to remove cigarettes? That would be a ludicrously impossible task, and really, to what end?
On a side note, I think cast members should use flag semaphore and smoke signals to give directions. That would stop the whole one finger, two finger issue.