I had the same problem when trying to come up with names for my shamans. I think coming up with a name I actually liked took the longest out of my entire setup.

I eventually decided to name them based on my Starcraft Alias Zuxto (also known as Zoxto) and came up with different variations. Eventually I decided to change it up and make it Zuxtobu just to make it a bit more difficult to distinguish (big plus in pvp and arenas).

Your name also affects certain mods like what order the names appear on your party bars. I have pitbull and grid setup members ordered by name so there is no guess work on how they are going to display.