This becomes exceedingly complex (and unintuitive enough that it's likely to cause more problems than it solves) which you consider overlapping circle membership.
Agreed, and heaven forbid you screw up making a change. Now everyone on your Fetish circles list sees your real name accidentally or your family and coworkers see you as BondageBoy69.
It would be easy to have your "cover" blown, e.g. by a friend (who sees your real name) innocently mentioning your real name in the reply to one of your posts that's visible to a larger circle...