Had this idea/theory a while back and just thought of a new one. Firstly:
How are the Iron Lords manifested in Destiny currently? The Iron Banner weapons. So, what if our reward for becoming an Iron Lord (and whatever that actually entails in the game) is a weapon named after us? I'm not sure what form this would take, considering some of the ridiculous Gamertags/PSN IDs in the wild, but that was my initial thought.
But what about the Lords in their home, Fellwinter's Peak? Titanic statues carved in honour to each of the legendary Lords themselves. So what if they made one of you? How -blam!-ing cool would that be? I don't know how level rendering works in the game, but would it be possible for all players on different consoles to see themselves up there?
Any other ideas?
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I don't think it'd be possible to render all character names there, and even naming a weapon after yourself just sounds boring to me. I think players would just make accounts to get their ridiculous name listed there. A badass iron lord set of armor is all I need.