I quite like it. I use the Elite rank decals on the left side only of most of my ships, and I will put the appropriate insignia on to help me distinguish between similar ships (admittedly this is less of an issue since ship naming was added).
So for example I have a CZ Python called 'Thug' which bears the Combat Elite decal, and a mission running 200t Python called 'Transaction' which previously had the trade decal on it, but can now have the triple Elite decal to indicate that it's a multi-role.
Looks a little fussy but it works for me
ETA Ship is named in honour of the new discovery mechanism while respecting the swear filter.