IMO, Waste of moeny.
would like one, but could think of lots of things id rather spend the money on...
performance mods for the car
cosmetic mods for the car (i know you could class this as a cosmetic mod in a way but you get the idea)
holiday/weekend away with the missus
holiday/weekend away with the lads
lads night out
cloths
tv
games consoles
etc etc etc
private plate would be way at the bottom of my list...
as for making it suite your name/car.
to be honest, even if its was MK04 DUB(i know you couldnt have that but its just an example), most people wouldnt even reconise its a private plate or look twice at it, also if it spelt out your initials most people wouldnt bat an eye lid. only you and your close friends will know what it means.
in my opinion, people get them so that people cant tell the age of there car. i.e. know a few people who have them on there cars (Beemers (M3 & a V8 6 series), Audis, Porsches etc.) and if you didnt know the age of the car you wouldnt guess its around ten years old.
in my mind if you want a decent private plate then you have to spend alot of moeny, i.e i saw an r8 and a tuned 350z at the nurburg which had plated that said something like 2slow and something to do with the word bye (cant remember what it was) now them plates are cool, but proberbly cost the owners more than a mk4 is worth....