Just a note on Hala's example of earthbound, in that specific game the frames saved wouldn't just be on character creation/naming, but throughout the entire game, as each action in battle and talking to npcs and pretty much everything uses the player name at a 1-frame-per-letter rate.
So when it comes to:
The kraken emits a pale green light. The effects on kraken are gone. The effects on ness are gone. The effects on paula are gone. The effects on Jeff are gone. The effects on Poo are gone. Ness uses PSI Rockin. Paula uses Freeze. Jeff uses a bottle rocket. Poo uses freeze. Ness and his party win the battle. Ness reaches level 30. Ness reaches level 31. Ness learns PSI Rockin Beta. Paula reaches level 28. Paula learns PSI Fire Beta. Paula reaches level 29. etc etc etc etc
The above example is just one battle that took only ONE round to complete (I have a .smv of a 1-round kraken fight). Now imagine if we had A, B, C, D, & E (psi rockin) for names instead. Due to the game's frame rule, that's a difference of at least 35+ frames. And that's only on a 1-round fight (the current earthbound tas is a 2-round battle on kraken). Every single battle in the game would, in theory, be 20-100+ frames faster, more or less depending on level-ups and length and whatnot. And then factor in the immense amount of NPC talking that will use player names, and the current tas is 3 1/2 hours long and well...
In the end I would say that A B C D are not as attractive unless necessary. But for the example of earthbound, it's not a mere 10 frames saved at the start of the game. Are 'good names' worth the minutes of text? I can't say its 1 or 5 or 25, because I'm not bored enough to count every instance of names in the current run, but I know it would add up VERY quickly. In a strange way it almost reminds me of the debate in super metroid with door transitions, if anyone remembers that.