I've talked to lots of people in game who don't like the name they picked for their wizard when they first started, so my suggestion is maybe have a way for us to change our wizard's name to something that we like better or that suits our wizard class better.
If something like this is implemented then I think it should be a Crowns purchase. First, for what it's worth, it's going to impact everyone that has you on their friends list. Second, it needs to cost something or people will be changing their names on a daily basis. I don't think anything like this is likely to happen though because it would make it very difficult for KI to monitor in-game actions via the chat log which is something they need to be able to do in order to investigate reported offences.
Being able to change your wizard name is a great option. Limiting it to a set amount of name changes makes sense; but I don't hold the same concerns about impacting everyone, tracking and monitoring.
The "IF THEN" line of code in computer programming allows for simple changes like the instant replacement of a friend's name changing on anyone's list, and can even include a pop-up message that says, your friend "La-La" changed their name to "Po".
Regarding tracking, hey we all have accounts we log into that have been verified. Any reported offenses are tied to player accounts.
Here's to everyone getting to have and play with their most awesome wizard names that suit them best!