No, that won't work E-Dragon, the iPhone isn't pulling the sound name from metadata inside the CAF file, it's hard coded into this file:
/private/var/stash/Applications.orgKcO/Preferences.app/English.lproj/Sounds.strings
So SSH or SFTP into your iPhone... and follow the instructions here on how to edit that file and edit those names:
change sms tone name
and be sure to make a backup of your Sounds.strings file.
The plist conversion site listed there appears to be down. You can use these instead:
http://iappcat.com/plist/bin2xml
http://lesterchan.net/plutil/
On a Mac you can use
Plist Edit Pro.
Hope this helps!