noooooo holy SHIT no! You could abuse this so in so many ways. Here, ill list a few.
-Scamming.
-Betraying teams.
-Bypassing chat filters without repercussions
-Pretending to be other players, or other people's alts.
-Pretending to have og/rare names
etc etc.
A few things that might contribute to the perks of overlord ranks could be:
-A limited crate key every reset
-More invaded keys/cash when u /reclaim
-Reduction in lower kits (e.g /kit default every 12 hours, /kit mvp every 24-36 hours)
-Maybe more kits? like /kit overlord2 idfk.
/disguise would be way too abusive.