Yes, you can hide NPC and PC names by going to:
Options (Alt-O) -> User Interface -> Name and Chat Bubble
You'll see options for:
Show guild names
Show name for self
Show name for other players
Show name for NPCs
You can also save these configuration settings by clicking the Save button at the bottom of the options screen. Give it a friendly name, and you can load the settings at a later time.
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(Rothgar) Re:Two quick questions
