I'm just trying this out.
You know, you add your 'title' and it shows under your name, or something. I'm not sure it works, though. I'm trying to give it the ability to just show up under your avatar without the ugly 'Custom Rank:' popping out, but so far I've failed.
Just go to your profile and look for the field that says "Custom Rank" to write it.
What do you think?