I wish to change it having a fancy logo design image. I am certain most sites do that... could it be ok?

I'd keep your title configurations in admin, but alter the theme to ensure that the house page do not show the title, but has it within the HTML-title. You might slowly move the <h1>-title off screen using css.

It's really an excellent Search engine optimization method to make use of the page title because the primary <h1> for that site (because it seems on top of every page). If you do not would like it to display, Don't use #headerimg h1 {display:none;} to cover it, rather try some tricky CSS such as this:

#headerimg h1 {
 position: absolute;
 margin-left: -3000px;
 font-size: 1px;