I didn't have much of an idea for a name when I first created my character, or if I would even like the game and keep playing it. Now I like it, and I've thought of some better names. Can I change a name?
What i would do is to create a character with the name and looks you want, but keep playing your current character till you pass level 25 and lose all those new player benefits you had.
Then transfer all the assets from that one character to the other. Then when you want to, just remove that character you didn't care for.
If it is your first character you get free stuff from the newbie guide such as buffs, and a weapon to kill with. That is until you reach lvl 25, then it stops. So if you play the first character till 25 you will have some more money to transfer over to your second one. A lot of people did that, including me on my second account (was gonna make a warsmith, changed my mind :D).
Edit: Oops. Forgot about the upgrades at the npc stores. You get those too.
like ppl pointed, create a new char. use your present one to build some resources and hand them to the one w/ better name.
actually keep you initial character. later on you may found newbie buff beyond good for farming manor. (you might want to delevel it, though).