Real deal, or secret alter-ego? You be the judge! First and foremost: don't let all the pink and candy fool ya! Mace is a dude, his partner-in-crime is a chick, and that's the way he likes it.
Peppermint Saga is a special little thing for Mace: it shows a dramatic departure from his usual serious tales, and a bold step in going from "fairly clean-cut" stories into the realm of sexual escapades. Is he worried about his rep? Not really. He chooses to write and illustrate this under an assumed name to keep his works separated. Purely a business decision.
And besides: "Mace" just sounds cooler.