Hiding titles during node creation, then populating on save

Hello,

I'm defining a new node type in a custom module. I'd like the node title be hidden on it's node add form and then populated based on values from the node type itself when it is saved. Is hook_node_presave the best place to do this? Also, is changing the access of the title field using hook_form_alter the best way, as this feels a little hackish to me, but I'm not sure of a better alternative.

Thanks!

function applicator_form_alter(&$form, &$form_state, $form_id) {
    if ($form_id == 'applicator_node_form') {
        $form['title']['#access'] = 0;
        $form['title']['#required'] = FALSE;
    }
}

function applicator_node_presave($node) {
    if ($node->type == 'applicator') {

        $fname = field_get_items('node', $node, 'applicator_module_first_name');
        $fname = $fname[0]['value'];

        $surname = field_get_items('node', $node, 'applicator_module_last_name');
        $surname = $surname[0]['value'];

        $title = $fname . ' ' . $surname;
        $node->title = $title;
    }
}