The use of AKA that I am accustomed to, and the one defined in wikipedia (http://en.wikipedia.org/wiki/Aka) is that a.k.a can be used for any additional names a person is known by including aliases, maiden names, nicknames, psudonyms, etc. It encompasses all names that a person has also been known as... not just aliases, and not just previous surnames.
While I agree that your version conveys more information at a glance (for example the sequence of marriages) I do not agree that the existing format is misleading although it certainly does have its limitations.
In the big scheme of things I think it would be very difficult to develop a system that can handle every desired variation in presenting names. Using a different example of using the name fields 'as intended' might result in a 'comprehensive' display name of:
Mr. William Henry (Billy) "Billy the Kid, The Kid, Kid" Bonney Jr. formerly McCarty aka Antrim
This display could be said to be misleading because, while he was born William Henry McCarty Jr. he assumed the name William H Bonney and as best as I am aware the meaning of the H. in his assumed name was never specified, although it is commonly inferred it stood for Henry because of his birth name. He was McCarty Jr., not Bonney Jr. (although his father's identity is a subject of historical debate) which means the suffix follows the incorrect surname. This rendering also does not convey that when he went by the surname Antrim, he used his middle name Henry or the nickname Kid (not "the Kid" which is associated with him as William H. Bonney). Billy the Kid was similarly an alias specific to his assumed name William H. Bonney. To convey all these details would arguably require a rendering similar to the following:
William H. (Billy) Bonney formerly (Henry) Antrim formerly William Henry McCarty Jr. aka "Billy the Kid" aka "The Kid" aka "Kid" Antrim
alternatively to increase clarity on when the various sobriquets were used:
William H. (Billy) Bonney aka "Billy the Kid" aka "The Kid" formerly (Henry) "Kid" Antrim formerly William Henry McCarty Jr.
For my part I think the existing system works well enough as is, even if there is some room for improvement.