It's been mentioned before, but I think it would be a great feature.
For instance, tons of people (myself included) like to color code characters. Green for Doom, Purple for Gambit, etc.. but I'd also love to keep prestiging the characters I enjoy. The reason I don't is primarily because then I'll lose the name color.
It would be great if there was a drop down or something, maybe next to the name in the character level (after you've prestiged once), that let you pick the color you wanted.
So if you've gotten up to orange, you could do white, green, blue, purple, orange.
It doesn't make your character look like they've progressed further than they have, etc. It just lets people color code but also keep leveling their favorite characters.
I would love to get everyone to red or yellow, but there's some characters that I can't bring myself to level again just because of the name color.