(similar to Unique crafting system)
I don’t particularly see a point in having an item with custom name (not so important) unless if we could customize the item stats itself.
This might take much more resource and counter intuitive compared to gem system, but hey our game is not just about killing monsters, that’s why it’s so linear. It’s not as simple as buffing our equipments with gems. Hunting for materials, trading, smithing, etc. could add variations to the gameplay.
(1) We could use certain items or materials or loots to add bonus stats.
(2) Or additional materials will give random/hidden effect for an x-factor.
(3) Or random bonus between a certain number of possibilities (e.g. atk +5/4/3/2/1)
(4) Or can also have bonus effect if using certain combination of additional materials.
(5) Or maybe more complex effects like debuffing enemies with % chance, converts %atk to elemental, ignores %armor, etc. (more suitable to gem system actually)
(6) Maybe if wearing items crafted from a set materials will give set effects too (e.g. full set eq crafted with kepa drops)
(7) With cash item can add special effect? Or maybe decorative effect like certain item background, item name colour, etc. win-win 
Of course it should need extra effort to customize weapon though to reduce spammed and cluttered items and add exclusivity.
(1) Maybe there is a class similar to squire (a blacksmith?) and only that class can perform custom crafting
(2) Extra fee for custom crafting depending on recipe star or materials used
(3) Crafting level or license system so people must put effort to craft a really good high class item
(4) “Customization recipe” dropped from monsters
Well, that’s the idea. Not sure if it is feasible though. I bet this would take a damn lots of effort though (balancing, economy, database, algorithm, etc.).
Maybe any of u got certain thoughts on this? 