I volunteered ages ago to try & reorganise naming conventions, and tie them in with things like presentation conventions, Wiki Projects and "basic topic" pages. I'm still mulling it over, and I'e got to the point where I'd like to start laying out ideas. There's no way this can be cleanly refactored overnight, so I'm thinking of using the Meta wiki, to first set out a page scheme and then start refactoring. That way "normal service" (!) won't be disturbed on the wikipedia: namespace. Any objections if I discreetly set up in a corner of MetaWikipedia?
That would be a good way to do it; another method that Mav used for some of the element pages is to create a page ".../Temp", do all of the editing there, and then delete it (after moving it to its final spot). This wasn't an anticipated use of the delete feature, but I think its a good one.
I rather like the way my reorganization of all the policy pages came out; you might use that as a model for reoganizing naming conventions.