Mark -- that'd be a tough call by the NHC, were it to occur. Ivan gave them precedent to keep the same name, but if you get two distinct trackable entities...well, that's a new one!

Franklin may have turned more towards the east, but I don't think there's any true southward motion yet. It's more a reflection of the cloud pattern trying to become better organized coincident with the center (and vice versa); overall, the motion is generally east. The storm is likely to move slowly for some time to come; while a loop is not out of the question, there's no telling to what it might do if one occurs. What may happen is a small loop in place followed by a northeastward motion...or just wobbles around a slow overall motion.

Even if it does end up looping, any potential threat to land is a good number of days away. Like I mentioned earlier, you can't sound an all-clear for the coastline yet, but the threat isn't as high as it once was.