Well, you can put multiple variants of the names and in one branch (that Cody Hinchliff was working on) you can put wildcards so that gets around COI coi CO1 and all those. You can list them or put CO*, etc.
For the homology searching, that is one reason but a simpler one is just to make sure that we aren't missing sequences. Sometimes things get kicked out and they shouldn't. Granted, these are mostly in really large searches where it is much harder anyway, but still, striving for the best homologs we can get.
Also, I am merging my homologs for phylogenomics and phylogenetics (PHLAWD being the one for phylogenetics).
Take care