Wow I didn't realize you could change your name during the game, I'll have to try that idea. I've been doing something similair to that though. I usually start out a character with a smooth skin texture, and then when I hit level 25+ I change it to the wrinkly version. It's almost as good as fable's aging.
I think the way I keep the game fun is to create new characters often. This way I don't get bored of one character, and the game stays fresh. I've never gotten past level 30, but just going around low level killing river pirates has it's own appeal. I think just coming up with character ideas to play is a lot of fun.