I say, do away with the entire rank. Maintain just two classes of ranks - Members and Staff.
Anything more than that in a community like WJ and you'll have drama at an ongoing basis. You also need to realize that being host to a diverse group of members, not everyone's mentality here is the same. Some feel offended by stuff that should not matter, others don't. What does that do? Breed more drama and possibly enmity. Trust me, you don't want that.
As for the issue of trust and respect, well respect is something that isn't influenced by a color change. You need people to respect you based on how you behave with them, not based on what color your username is or what user title you have. A new unknown member could get the poop color username, but being new and having that poop color does not make him respected - not in my eyes, at least. I'd need him to do a lot more to prove to the community he's actually worth being respected.
Trust? Implement a rating system. If you can't do that, let each be to his own. Risks exist - respected or not. We've seen issues come up with even respected members, hell, an ex-staff scammed WJ in the past. Another staff member fucked up a lot of innocent members because he wasn't experienced enough to run a web host. How, in the name of hell, does a different username color affect the level of trust you place on a person, is beyond me. At the end of the day, you still don't know that person on the other end. You still have to be cautious with him, ask for proof of everything when dealing, etc etc. Just because he's respected does not mean you should blindly trust him and hand him over all your money or whatever it is that you're dealing with.
Just my 2 cents, really. The more 'discrimination (of sorts)' you implement in a community like WJ, the more shit you'll have to deal with in the long run.