It would be perfect to let us choose our own faction name, and If it doesn't satisfies what moderators/devs. expect, remove it or something as said before.
And there should be some rules the devs. would give to us warning about possible situations, so there is less players doing the process the wrong way. But that is something they will decide and will advice later depending on If they implement this or not.
So, I say YES. To at least give at try, meanwhile we are still in beta.