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You can't change an apps actual name. Not possible, just like you cant change an apps native icon.
You CAN use bettercut to add a shortcut to an app on any home screen, use whatever icon you want (search internet for icons, there's millions of em) and name it whatever you want, even just a single blank space which leaves a little grey oval underneath the icon..
+1 This is the very reason I tried this app, is because I wanted to make shorter names for things that were too long. Now, of course, I have all of my shorcuts customized and things.