EDIT - PLEASE SEE https://www.patreon.com/posts/36901943 FOR THE NEW PACKAGE AND AN IMPORTANT NOTE ABOUT VRCHAT TOS
Here's a free package for everyone.
Make your own custom nameplates (with support for animated sprite sheets), or use a full replica of the existing nameplate! Friends will see the replica nameplate as yellow, and there's a toggle to make it look like you're speaking! To use the prefabs, simply place them 0.5 units above your avatar descriptor height then parent it to directly to your avatar root (not the armature, the one above that).
Thanks to Error.mdl for important code used in the included shaders and 753 for ideas, texture help, and testing along the way.