The boards.txt file seems to just be made for renaming the USB composite device and not the USB Input device.
If anyone knows how/where/what to change to rename the USB Input device, please let me know.
This is cached in your system registry along with the VID and PID. When you plug in any device with the same VID and PID, you will get the same description.
PID are managed by the product vendor, so a device manufacturer can buy a VID for $5K USD and then differentiate each product they make by PID, for example, a new Logitech mouse can have the same VID as the old one and a new PID.
Changing either VID or PID could potentially cause a conflict with another device from the same manufacturer, and some devices are third party licensed so you could really have a conflict anywhere.
But, changing the VID and PID will instantiate a new product description.
As for USBDeview, all bets are off. It's closed source and might just fill that field with it's own defaults.