No, it isn't possible to change the log file name. For backups, the GUID that forms part of the file name represents the backup_set_uuid value in the msdb..backupset table, to allow easy referencing with the SQL Server backup history tables.
It is possible to change the folder though, and you can use tags. E.g. if you wanted to separate the log files by database name, you could use
SQL Backup Consultant Developer
Associate, Yohz Software
- SQL Backup goodies under the hood, updated for version 7