To address everyone's concerns, I was thinking of having them active for only one or 2 days per player per purchase for a low price like $2 (price isn't fixed). The person buying the title would pick from a pre-selected/approved list at checkout.
To address the confusion for new players, the list would be limited in length and, if people buy one title, nobody else can buy it while the player who bought it still has it active. Then there are a limited number of appropriate titles that both limit new player confusion and keep it unique.
The purchasable titles can all be a certain color (suggestions anyone?) that is different from any other staff or player rank so it's obvious that it was purchased.
[bonus] maybe this can be integrated with the purchasable boosters (@Courtneyyy) so that the player that buys the booster gets a special title?