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So, I have to delete my present account, in which case I'll loose all my digital games. Then open an entirely new account and hope they allow my selection of a name. Ok, then what the heck is a sub account. If it's what they (Play Station) calls "User", then I already have two. The first is linked via email to my account name. The second is is via me. Thus it must have it's own email. Only the original user csn set ut up. Any additional "User" up to 3 additional can be added, providing they have a different name and email.
So, it's the terminology, not the process. You maybe using "Spade", where as I'm using "Shovel".
If I am understanding Miss Acid correctly, a sub account is a second, third and or forth "USER" established by the first and orginal user on the same device.
So Billl, as I understand your post, you have one login in called Billl and one login for your wife called Rosa. As long as you have activated the Billl account as the Primary Account on the PlayStation, you will be able to login into Elite for either login. The Commander names will be CMDR Billl and CMDR Rosa respectively.
If you are not happy with these names you can create a third user profile on your account with a CMDR name that you want. You will need to follow Sony rules for setting up a new login (Master account vs Sub account, validation email, valid postcode/zip code, etc)
It won't affect any of your existing games as they will still be on your Billl account.
It won't affect any games on your wife's account for the same reason.
I you decide that you want to play with a game other than Elite Dangeous, you will need to logout of this third account and back into either Bill or Rosa.
However, if you want to play Elite Dangerous in either group or Open, you will need to buy a ps+ login specifically for this login.
...that's how I understand the FAQ. Hope it helps with your understanding.