Starver, in that last paragraph it sounds like you are suggesting a form of "Deed Name" or "Rite of Passage" naming style, wherein when a Dwarf meets a certain age or criteria (such as forging their first hammer, passing some Dwarfish test of adulthood, being dubbed a Journeyman by the Master they're apprenticed to, or whatever you might think of), their name changes to reflect their newly-gained station and/or path in life.
For instance, as a child grows they have whatever name is given to them, be it some random amalgam of Dwarven words or one of their parents' names (or whatever), but then when they become an adult they gain a new one - perhaps just as random, or perhaps based on the change just made in their life, or perhaps based on their personality. Dwarf Fortress being what it is, I'm guessing it would be fairly random, but a player can hope.
To be honest, I heartily approve, as when I write Dwarves, this is very much the naming system they use, and they track their geneology either by rote, or by striving to earn the same names their parents did, not by idly taking those names just because that's how it's done.
But those are "my Dwarves" and not necessarily "DF Dwarves." But to have the "Deed Name" system in the game would be impressive and awesome - even if the Dwarves of my Fortress aren't the ones that use them.