I don't remember if this has been mentioned elsewhere, but I think that yesterday I learned the real reason that William Regal was renamed from Steve:

I just moved this week (thus the lack of updates here in a while), and I'm now on a new digital cable service - one that carries ESPN Classics. On that channel they carry Wrestling Classics, really a place to rehash old AWA cards. They don't age well... but that's a different story.

Anyway, yesterday I saw a match with an American wrestler named Steve Regal.

I think that's the reason for the name change, to avoid a mix-up.