I would not. Not all failure is created equal. Failing is fine. Even failing big is fine. But the risk has to be worth the reward. His reward was a name. That's it - not the success or failure of the project he wanted to start, but just the name. Sure, names are important, but spending this much effort on the name and not the project itself does not, to me, indicate good judgement on where one's efforts are best spent.

"Learning to embrace failure" is not an excuse to avoid basic cost analysis.