Franks seems to have a need for attention. Unfortunately he looks to employ any means he can to get it. His position, at the University of Florida no less, will bring plenty of it his way without the silliness. Solid and consistent play and leadership should be the goal. I think he'd be better served to work on managing that attention in the order of what a team leader should do. He's the face of the team in many regards. Too often he's been the ass of it.
I think you're very close with this idea. I would make one slight change. Franks seems to have a need for approval / affirmation. If it was just attention, he would be happy whether it was praise or criticism. Franks is so sensitive to criticism. The rest is spot on. He's seeking approval and, like too many, especially young people, believe they deserve approval regardless of their actions - the untenable side of tolerance and acceptance of everything.
I agree that he needs to be aiming to be a more mature person, who harnesses his emotions to serve him instead of allowing them to lead him. He should aim to be a leader who thinks of himself less and thinks of others more, but that may be a tall order for him. Regardless, of how difficult this kind of real self-confidence is for him to live in, not the superficial bluster and bravado often called swag, poor behavior and leadership will always attract criticism.
The best thing I've seen in the way of coaching from Mullen is the effort to get Franks' attention focused on the right sources of approval. He should be listening to the coaches, not the keyboard and twitter warriors (like myself). If Franks will care about what the coaches say and eliminate or nearly eliminate listening to the opinion of others it would help him immensely.