Someone with too much time on his hands has created a pen name generator. Since the site is in French, here's a (probably slightly inaccurate) translation:
As promised, here is a little program that will generate anagrams of your name. The difficulty was in guaranteeing that the first part of the pseudonym would always be a real first name and that the rest would be pronounceable, all at once... Good little exercise—I will let the information scientists cogitate.
I plugged in my name and found that some names should just be left alone. Using my middle name is hardly better—Laure TURDEBAT
indeed!
Senji says:
I'm not convinced myself either; whatever the attractions of being known as Theadora might be.
The best one I've come up with using pen-and-paper is "Miranda Jade vonAthy" (getting male anagrams out of my name appears to be singularly difficult)