Rhodes University risks its future if it changes its name  -- you only have to look at the former UK polys who changed their names when the poly's were abolished and became universities to see what can be lost.
As for Rhodes's policies, most have been adopted by the present government (except Rhodes did not steal or fiddle the books.)
For example the "notorious"  Glen Grey act on native policy was based on four principles: Work (a stated objective of the ANC government), segregation in native reserves to stop tribal land being sold to whites (the ANC is still trying to buy back land sold/stolen by whites who got round the act..), individual property rights (another ANC policy),  and local self government  i.e. giving self government to the chiefs (just what the ANC has implemented.)
So my vote is do not change.  And maybe push Cyril, the closest the ANC has to Rhodes, to spend his money on a university or three.