This article on The Root kind of sums up why the whole Michelle Obama saying "whitey" in the pulpit just sounded totally fabricated to me. I don't know any black people who use the word "whitey." It's the kind of insult a white person would make up, not knowing anything about how black people speak. The author, Kim McLarin, writes:
The campaign of Barack Obama has had to rebut, not once but several times, the wild rumors that his wife Michelle used an insulting term for white people while railing from the pulpit of Trinity United Church in Chicago. His campaign has had to set up a website to refute the charge, and Obama himself has had to chastise mainstream reporters for spreading the lie.
What he hasn't done—because he cannot if he wants to win the presidency—is roll out the clearest and most obvious knockdown of Whiteygate. Namely this: "When the hell was the last time you heard a black person call somebody 'whitey?'
I may still be on my Malcolm X kick, but I think 'ofay' is much more likely and effective (with the added benefit of actually sounding pseudo-African).