Disk Utility in Lion fixes "Core Storage Volume" naming in Yosemite
i just wanted to report back that Partitioning a 4 TB (or presumably greater) drive in Lion (10.7.5) does in fact bring back the factory name for the drive (the "out-dented" volume name so that only the partition you are creating gets a name change.
in yosemite partitioning or erasing a drive with a new partition name creates a similarly named "out-dented" drive name which is basically almost literally etched in stone in that this "first partition name" will remain the "out-dented" name of this drive even if you reformat or re-parition the drive. this is mind-bogglingly dumb and complicated when you are using 4 disks with partitions and it becomes unmanageable very fast. this is especially problematic since yosemite cannot seem to show you /which/ bay the drive is in when you select it in DU when a drive was formatted like this - so basically you are relegated to literally writing on the drive or the computer or you have to pull drives to verify which is which.
anyway, i can confirm that partitioning the drive in Lion with a new partition name does in fact reclaim the factory "out-dented" name of the drive. also be advised that just erasing the drive does not work and will leave the "legacy 'first partition name' ".
not sure if that has been confirmed but wanted to report back.
cheers.
Mac Pro, Mac OS X (10.7.5), Boot Camp of Windows 7 + Windows XP