In Australian football teams have done the name thing a lot for one off commemorative guernseys.
The only fan based ones though have been special fundraising ones, where the club had a debt to clear and everyone who donated more than a certain amount got their name on the guernsey.
Other than that there have been a few guernseys that have had every player to have played for the club. The best example probably being this Geelong FC 150 year commemorative guernsey.
Geelong wore that for several games in 2009. It kept their traditional hooped design while having the names as well.
I think it works better as a one off or for a few games than for an entire season though. That said, AFL clubs, especially the older ones, are incredibly traditional when it comes to guernsey design, and most of them have had basically the same design for decades. The guernsey only changes at all when the sponsors or manufacturer change.