The idea is good, but the way it would be changed does not feel right in the way this game works. I am thinking along the lines of having a customize tab in the armor npc window (like weapons) and to have to give the NPC a little contribution in gold for his help on changing the name for you (like weapons). Would create another little money sink, which is what this game is needing right now (money sinks).
Why not allow them to be say Dwarven Forged or Hell Forged or what not, sounds pretty cool, Hell Forged Gladiator Greaves (why leggings? GREAVES) of Superior Vigor, has a nice ring to it.