Bars instruments certainly should not display their modifier. Just "Stringed Instrument".
Bags I don't think should display what is shown in the first picture but rather the second picture. Googling around showed large soiled bag and a few others showing what the second picture shows.
Something related, but not mentioned. Items should not show slot at all. See this for example:
http://everquest.allakhazam.com/db/item.html?item=683