Presently, the process of choosing an element and providing a unique identification to the element is done manually. Along with the element identification the mapped objects are shown in a unreadable...
There is the concept of NameMapping templates which allows you to have the automated mapping select a particular set of properties based upon what "class" of object it is that you're mapping. That should help with the identification.
The problem with naming... what naming convention are you using? Are you doing camelCase? Or PascalCase? How do you want to pre-pend your names? Do you? With what? What determines it? etc... this is where things get VERY strange because no-one does things EXACTLY the same way.
This brings back to some best practices that were discussed at the Connect conference a couple of months ago. Basically
1) Do not depend upon automatic mapping. Do the mapping yourself.
2) Map all components prior to recording
3) Have a single point of contact (person) responsible for maintaining and creating the mapping.
While having TestComplete automatically map things is a good starting point, I have yet to have a project in which I've worked where I've depended upon that automatic mapping, even when using template. You will need to at least adjust your Aliases so as to be more compact. Additionally, you will need to adjust your property values to account for any dynamic identifiers (using wild-cards, conditional mapping, extended find, etc). Since you'll be doing these things ANYWAYS when mapping automatically, you might as well rename things manually as well. All part of good development.