I don't think the Problem of Evil is a problem at all.
"Good" and "evil" are subjective concepts. "Good" is that which pleases us, and "evil" is that which displeases us. Of the three options the Problem of Evil provides, I would be happy to choose the option which suggests "God is able to prevent evil, but not willing" - that is, God could have created the universe such that we never experienced displeasure, but has chosen not to. The conclusion given is of course "Then he is malevolent". Well, call him what you like. This isn't a new concept, it's just a word which encompasses what I just said - clearly I already agree.
If by "malevolent", you simply mean that some of God's actions result in our displeasure, then I think any theist would tell you, "Yes, this is the God I believe in." If God only ever acted for our pleasure, we'd be in Heaven already. Besides, God created Satan, didn't he? It hasn't disproven what the theist believed in to begin with - only assigned a word to it.