Isn’t the list of possible backlinks, by definition, the same as the file list in the explorer?
I wonder if this problem would also be (at least partially) solved if there was a plugin or feature for aliasing as discussed in these two threads:
In my opinion, aliasing would be a superior solution because it wouldn’t matter if you used water or H2O and it removes the friction of having to consult your entire list of linkable notes to see which title you used.