It turns out that it was indeed a faulty battery, and there's nothing that I could have done. I got a new iPad 2 under warranty, and its battery lasts almost twice as long from a full charge as well, so it was in fact broken from the outset.
The battery health (beta) feature is currently only supported on iPhones as far as I know. However, a battery condition diagnostic can be run by apple support over wifi either by AppleCare over the phone / online chat, or of course in store at a genius bar.
If the battery has degraded to that percentage of original capacity, according to coconut, it's always a good idea to verify this with the diagnostic tools that apple support use.
iPad batteries are not replaced at Apple stores due to the nature of their manufacture being sealed units. Most 3rd party (and usually not apple authorised) repair places that offer this service will not replace with apple certified batteries and this will therefore invalidate any warranty status you probably still have if it was brought new in October 2017.
As far as I know the current capacity of your battery will be considered within specification as it's only 80% and lower that is considered failed or consumed. Batteries that pass this condition test may not be eligible for in warranty service from apple.
However, it may be on it's way to early failure if coconut stats are accurate. To quote www.apple.com/batteries/service-and-recycling/; "iPad Owners
Your battery is designed to retain up to 80% of its original capacity at 1000 complete charge cycles. The one-year warranty includes service coverage for a defective battery."
It could be that your battery may be defective if it has degraded to 92% of original capacity after only 63 charging cycles. Again verify this with apple support, but also consider if usage or environmental factors may have contributed to this seemingly rapid degradation.
Check out www.apple.com/batteries/maximizing-performance/ to see if there are any pointers or tips that might help, otherwise contact apple support to log your battery issue whilst still within warranty. This will give you, and them, better options in the future if issues persist or worsen.
Hope this helps.
Best Answer
On iOS 12.1.1 and lower, there is no way to name pencils if you have more than one or just wish to see a different name when it connects or looking at the battery levels.