You do not have to donate or be an admin (that lets you set your own though). If you have been around for a while and ask nicely Theymos will set them for you.
I'm tempted to try this! How cool would "Self-made Legendary!" as custom title be?

But I'm afraid I'll be stuck with it forever, and it might not look that nice anymore if there's ever a newer Rank added.
Just have "self made" as the custom title.