What are the actual chances that if this is done that any desired names even get freed up?
why do you think your the one that is going to get *That* name anyway?
I expect that the name problem is actually created by those players who LOVE this game and play often and have been active for a very long time and locked in all the names they had on live, and names on live they wanted but were unavailable.
My guess is that mostly all this would cause is grief. heck the game is just over 2 years old, so your not going to get a lot of names for a long time.
the nice thing about HC is that its free, so if you are paying a sub to play another game, letting this one sit a bit is easy because one has no skin in the game.