Gather life crystals, life fruit and stars ahead of time, place them in a chest with all the items/armour you want in your new character. If you've had the character a while you'll also want to empty your piggy/safe/forge into chests.
Make a new character with the name and look you want.
It's then just a case of retrieving everything, using the life crystals, fruits and stars to get yourself maxed out.
Any completed fishing quests will have to be done again. Also if it was a Journey mode character you would have to research everything again.
Afaik this is the only way to "change a name" on console, unfortunately.