I would absolutely and definitely go and audition for a band called Nigel or Colin assuming of course that I liked the sound/idea of what they were playing. One of my first bands after leaving school had the working name "3 Guys Who Know Paul". We were a 4 piece and one of us was Paul. Perhaps mercifully, we never got to gigging.
I'd have no problem with joining an artist-name band as long as the conditions were right in terms of creative input/freedom. I wouldn't be interested at all if I was handed a part and told "play this and do not deviate from it, oh and you've got to wear black and stand well out of the light". Unless it was tremendously well paid -- I'm a proper clown wh0re, me.
A few years ago I was in a band that was named for the singer -- essentially we were her backing band, but in reality two of the band did the songwriting along with Sally and all of us had creative input when it came to our respective parts, and the lights were for everyone. Came to an end when Sal started a family. It was a great band with fabulous songs and I really miss it.
EDIT: I say 'a few years', I've just remembered that her daughter is now 14... yikes, how the years fly.