Yeah, when I suggested all of this, I was thinking about the title system of FFXI... where after you complete quests or kill certain creatures your "title" changes, and you can change your title at an NPC bard for a small fee. I think "Greedalox" was always my favorite title in that game lol.
I do agree though that there is much to be done before worrying about "frills" like this. But, it's better to have more work/ideas in the queue than less.