Device Images (Front and Rear) in Rack elevations to have have an opaque overlay with the device name label showing. Possibly as another toggle button next to show images if this is not a preferred state. the overlay could also be coloured as per the device color coding. my example uses approx 20% opacity.

The example image above should provide enough idea of what it could look like.
The Rack views and elevations look great with front and rear images, views, but without the device label it doesn;t really help identify the device. Yes you can hover over the device to see it, but this is time consuming and not very efficient.
Allowing for colour codes and labels to be overlayed would provide the best of both current view options.
none that I am aware of.
No additional dependencies as far as I am aware.
You have two different feature requests here. Please choose one and open a separate FR for the other.
Done, split into two requests as requested:
Second Request: #4331
If this is accepted, I feel like it may be best to make it optional/toggleable.
I played around with this while working on #1529. Even with a tint, a complex background image makes the text very difficult to read, particularly at a small size. (Note that the default size of a rack unit in NetBox is much smaller than the screenshot above appears.) And if you increase the opacity of the overlay, the image becomes obscured, defeating the point of including it at all. Ultimately it's a poor design choice to try and convey two pieces of information on top of each other, which is why we went with the option to toggle between image and text.
A contrasting outline on the text works quite well.
Although I would prefer a variation on what I suggested, having a toggle to enable/disable this would be a good options as well.
An alternative would be to have a label floating to either side of the device. Without any label the Rack elevation doesn't convey to someone who is not familiar with the Rack contents what the devices are being shown are.
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A contrasting outline on the text works quite well.