I always pronounce all initialisms as words if even close to possible. I don't care whether or not they were meant to. Till, fuhtfy, fuhmmuhl, wuhtf, and so on. Some I understand why others might say as individual letters, but others I have no clue because it doesn't make sense to me at all. Why would you ever say double-u tee eff, which is two syllables longer than the actual words?