I like the idea from a role play perspective since we are all supposed to be "school". It's actually pretty cool but only as an option.
However the player behind the keyboard is not yet a senior (citizen) but I am of the age where my referring to myself as school person using phrases like "Freshman" or "Junior" is just silly. it's age thing - after certain point referring to school of any kind is done with different words other then "Freshman".
Novice, Journeyman, etc simply works better for me due to the above purely social and emotional reason. Note I did not say it's a logical reason O_o
As A Final thought I don't like "legendary" in this context I would prefer Doctor (as in phd thus I would be a Doctor of Myth once I hit end game) as they are the legends of any school system - unless you want to include the title "Fully tenured" (THE REAL heroes of a school system is anyone who succeeds in getting Full Tenure)
Perhaps the Game designers could offer the Option of typical School terms (Freshman etc) vs. trade smith/religious (novice, journeyman). Actuality that option would be wicked cool. You could go about as a freshman, the preacher I met the other night could be a novice (Again) and I could be an apprentice.
To be honest, I would severely dislike having different titles - mostly because the RL school titles used here are very different, and even those that are spelled the same have different meanings. (Senior, for instance, means you are at your second-to-last year, while Master is for your last. Novice is your second year, while Chickens (or "newly hatched") are the first-year students).
The current system works fine with its titles - not to mention that only a few people actually use the default title. Most people choose to run around with one of the dozen other titles that the game offers, and which you have to work specifically for rather than having it handed to you on a plate as you go along on your merry way (case in point, I am more proud of showing off my Gobbler Gobbler title than my Legendary Pyromancer title).