The _0, _2, and _3 naming for the .mmh./.phy files is the only hard rule I know of for LOD. For model naming overall, such as a model named "hf_arm_medd_0.mmh", the part of the name you can control via the item variation mechanism is the "arm_medd" part. The hf_ and the _0/_2/_3 part are automatically added on by the engine or toolset somewhere under the hood. The _0/_2/_3 part for LOD, and the hf_ part based on the gender/race. Also, lots of item types don't do LOD, so those models just need the _0 version (shields for instance).
After that, the name of the MSH file, MAO file, and DDS texture files can technically be anything you want, since the MAO and MSH names are specified in the MMH file, and the DDS texture names are specified in the MAO.
The wiki on
ItemVariations.xls describes exactly how the name of the MMH file to look for is derived from the fields in the item variation 2DAs. Generally you're safest if you stick to string lengths that roughly match what exists already, or else you can run into trouble with things not being found. This gets kind of annoying because if you were to follow the model
naming convention you would quickly run into conflicts/run out of unique names, since under that convention you are allowed only a 1 or 2 character MODELVARIATION field to make your item name unique among all mods everywhere.
Instead I typically use a MODELTYPE of "nez" for all my projects, and then a 2 character MODELSUBTYPE (kt for kite shield, gl for gloves, etc.) and a 2 character MODELVARIATION based on the specific mod/item I'm working on.
Partly this is limited by the fact that I'm using all pre-existing MMH files for existing models, and there's no reliable way to change the length of the MSH/MAO strings in those, so to keep everything consistent I just use that naming scheme across the board so my MSH, MAO, and DDS file names are all consistent with my MMH/PHY names. If you are exporting your own MMH/MSH files then you could probably loosen up your naming scheme a bit, but I'm not really familiar with any of the tools for doing that.
Sorry, probably way more info than you wanted