Doesnt seem like it. You can disable it in the options, but it will always be part of your characters on that server.
While I don't hate the feature, I do dislike having to choose something this unique and personal this late in the game. I tried to level up as fast as I can (given the limited time I have), and was able to pick my legacy name just a few minutes ago.
Only problem? The name I ALWAYS use (in SWG primarily) gave back some kind of generic "Invalid name" error (the name was Raven). So I went downhill and tried Ra'ven, R'aven, Rav'en, Rav-en, etc, but they all came back the same. After searching the web for any known restrictions (Using Raven' it specifically said no ' or - at the start or end), but couldn't find anything, so I sucked it up and went for Rayven. Looks soooo bad, and I dread people seeing that, bug there was nothing I could do.