The only way to edit this name is when you're entering an IP when you start the trace. We have information on that here:

http://www.nessoft.com/kb/23

We also have a script that we're working on that will let you edit the DNS Name of any of the hops in the trace. This is not fully tested yet, but if you want to try it out, email us at support@pingplotter.com and let us know you want to try the "Edit DNS Name" script.

- Pete