A search on the net for Philosopher's Stone brings up religious and pagan sites and comments. I have long been under the impression that it was not a dumbing down that caused the name change but a concern about some religious people attacking the phrase, "Philospher's Stone".
"I also discovered that the Philosopher's Stone was simply an alias of The Holy Grail."
http://www.geocities.com/usual_turbocharged_philosopher/_ThePhilosopherStone.html "Harry and his friends research Flamel in the library.......Flamel actually was a 14th century alchemist. It is said that he was able to turn mercury into gold and that he did discover the Elixir of Life. .... So it does not appear to be all imaginary as she claims, she does have a rudimentary knowledge of the occult and certain people involved in Occultism which can only come from research or personal knowledge. "
http://www.letusreason.org/Current16.htm Considering what the word sorceror means, I cannot believe it is more acceptable to someone who takes religious issue with these books.