This has been addressed.
But for future reference, if anyone asks me for the name color change before they become a premium member, then they upgrade, they will NOT see any change to their name. In order to keep consistency with the color changes, I have the custom color stuff set at a higher "priority" than anything else that might change your name.
If you do already have a color change and you do upgrade, just send me a message if you'd like the custom icon. I can add in the premium star or try to make an icon of your choice work.