I just began playing GTA5 online, when they basically forced me to sign up for the rockstar social club, I thought of a good idea. Why not allow gamertags/psn names to have nicknames? So like in destiny, there'd be a whole new lot of names to choose from instead of xXsnipes420blazeitXx. And the nickname would appear above your head. When you looked at their profile, it'd link to the regular gamertag/psn name. I think it'd provide a good sense of identity and empowerment.
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It'd be nice to use the system this forum uses, which is exactly the same as you said, OP. Having an account name and a nickname separatedly would also solve the conflict of "there can only be one" of each name.