Suggesting a new item that could be purchased, Player nametag. Would be around 10 dollars, sold in the same fashion as an elevator pass, allows the ability to change the active Knight's name. Tags are sold unbound, and are bound upon use, as any other item. Usual name rules would apply to the Knight's new name as previous.
Due to the MASSIVE inconvenience that it is to change a Knight's gear in the event of a name or handle change, this minimizes the hassle for a reasonable, comparable financial effort on Sega's part.
Ok, it's your money, but are you ready to burn 10 dollars for a silly name?