What you call the piece is your call. I think Coltraine's folks are protecting their right of publicity (i.e., their ability to use his name and likeness for commercial purposes).
Presuming you get the original creator's approval, then I don't necessarily see a problem with calling it "Trane." If anything, you have an argument that the title is merely descriptive, and not being used in a way where you're using his name for commercial purposes.
As for copyrighting likenesses - no. What they're protecting is their right of publicity. Just googled it, and there's some good explanations on it there.
As for what everyone else is doing - who knows. Kinda depends on the scope of the use and the risk involved. If it's mass quantity of reproduction, it would be best to get the estate involved.
$0.02.
None of this is considered legal advice, by the way. Just shooting sh*t out of my ass.
I'm only an assclown on a sports forum, after all. If you're really concerned and you're ready to get things off the ground, then my advice is to get an attorney to review and advise.