Can I force users to display First name, Last initial like Yelp?

Heyooo,

I'm starting a business listing directory and I'd like to force users to display their first name, last initial ( like Yelp ).

I think it creates more of a personal experience and maintains a level of quality and trust ... reading a review from sk8rgurl98 isn't as engaging as Emily G.

Question:
I understand how to create custom profile fields for users as well as requiring certain fields, but I'm not sure how to use a first and last name field to force a display name like Emily G.

Ideas?

Plugin or custom work?

: )