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So I've seen pictures of Thunder Armour-wearing Marines with Ultramarines and Iron Hands iconography, but didn't the Legions stop wearing it once the Imperium left Terra? Those Legions didn't become the Ultramarines and Iron Hands until their Primarchs named them as such, and by then the Iron pattern would have been the standard, right? Also, did all of the Legions have a name before meeting their Primarchs, or just the Dusk Raiders (Death Guard) and War Hounds (World Eaters)?

Thunder armor does occasionally see use as a prestige item even in the 41st millennium (though it is strictly inferior to its successor marks). IMO the artists drew this picture with Ultramarines markings just so it wouldn't confuse readers - it doesn't fit the fluff very well.

I think all the Legions had names before their Primarchs arrived. I don't remember what their original name was, but I seem to remember something about the Luna Wolves having one, because I thought it was amusing that when they became the Sons of Horus they'd been through three names (and Black Legion makes four).

I think all the legions had different names, based on how they were known to their fellows. Their original colours also evolved this way, naturally evolving as the legion gained more honours. The Luna Wolves gained their name after the Assault on Luna, the Iron Hands were originally known as the Storm Walkers, Word Bearers were the Imperial Heralds, World Eaters were War Hounds etc.

To quote the original armour fluff article in WD129
"Mark 1 armour is unlikely to be seen on the battlefields of the 41st Millenium but ceremonial units are sometimes equipped this way."

If there are still enough suits kicking around in the 41st millenium to merit the adverb 'sometimes' then there was certainly a fair few suits still kicking around at the time the Ultramarines became the Ultramarines, even if just in rear echelon units with no pressing need for an upgrade.

The concept behind Thunder Armor and Thunder Warriors has completely changed since that drawing and the associated model came out.