That would be nice actually since we have the photo already. Seems there is very little you can do with the contacts shortcut as it appears that part of the device is closed. For example many have tried and failed to make the short cut smaller. So I would suspect the answer is you cannot remove the name although I would be gladly proved wrong. One thing I know you can do though is to replace the png which contains the name with a transparent one so that the name is less intrusive. I did that and it shows much more of my desktop which contains my contacts short cuts.