Palpatine is already an extravagant name, having a less extravagant but relatable name with some royalty or nobility to it, adds to his character a little I guess.
Victor Palpatine might work too, but I wouldn't give him a first name in the first place I guess. This is just a "What if?" sort if scenario.
I kinda honestly don't care. It's a mostly trivial piece of the expanded canon. Chances are, it won't be a huge part of the lore and I can ignore it. if I could ignore the YV, I think I can repress this memory.
Also, I figured his name would be more Latin. Like Augustus.