This is backwards. He's still 50 cent, but to have the buying power he had in '94, he'd need to $1.09. But he's still 50 cent, so really, in today's money he's more like 23 cent.

Absolutely. This is the correct way do this. It should be adjusted downwards to account for inflation, not up.

50 cent's intrinsic value doesn't decrease over time so to maintain that value, his name must go up.