Got mine installed and kept the username.
For anyone interested...
Code:
<strong><phrase 1="$bbuserinfo[username]" 2="member.php?$session[sessionurl]u=$bbuserinfo[userid]">$vbphrase[welcome_x_link_y]</phrase></strong><br /><if condition="$bbuserinfo['pmunread']">
<a href="http://www.extremebusa.com/extreme/private.php?"><img border="0" src="http://www.extremebusa.com/extreme/images/newpm.gif" width="22" height="10"></a>
</if>