I don't think there's a way to rename the tool. I could be wrong there. It's the one thing I never looked into. I know when creating a custom tool you can name it but I'm not sure about renaming existing tools. As for making the selection go away when you're done, it'd be nice if it did it automatically but since it doesn't, you have to go to the Selection menu at the top of your screen and choose Deselect or hit CTRL+D (windows. CMD+D Mac I believe).