This topic was discussed at some length on the old discussion lists, apparently without a consensus solution. The problem keeps coming up when a star like "1SWASP J140747.93-394542.6" is announced as a campaign. I really feel that a short, meaningful name should be assigned by somebody at the time it is entered in VSX or placed on an alert or a campaign.
Now, we have discussed names before, but again I would like to suggest a possible solution. This may not be a perfect solution, or loved by everyone, but I feel it is logical and reasonable.
Basically, assign a type identifier, followed by a harvard-like RA/Dec numerical, keeping it under 10 characters in length. For example, this "J1407" star could be named "TTS1407-39". The original long name could be kept as an alias, but this should be the primary name we use to refer to it.
TTS1407-39 seems very reasonable to me. It tells you the type of object and its approximate location at a glance. Its also easy to remember and discuss about, and to type into wherever you need to, without having to track down the long name and copy and paste it.
So, I hereby propose this as a general method of solving the ridiculously long naming issue!