The name Lucifer is more proper to Christ than to Satan, but it is absolutely wrong to say that the Fathers were stupid and reading things out of context when they applied the name to the Devil. They are reading scripture allegorically, which is not the same thing as reading out of context. In fact, the idea of four senses of Scripture (just like Thomas Aquinas taught) is taught in the Catechism of the Catholic Church. Regarding Satan being called Lucifer, St. Thomas says,
Some have maintained that the demons were wicked straightway in the first instant of their creation; not by their nature, but by the sin of their own will; because, as soon as he was made, the devil refused righteousness. To this opinion, as Augustine says (De Civ. Dei xi, 13), if anyone subscribes, he does not agree with those Manichean heretics who say that the devil’s nature is evil of itself. Since this opinion, however, is in contradiction with the authority of Scripture–for it is said of the devil under the figure of the prince of Babylon (Isaiah 14:12): “How art thou fallen . . . O Lucifer, who didst rise in the morning!” and it is said to the devil in the person of the King of Tyre (Ezekiel 28:13): “Thou wast in the pleasures of the paradise of God,” --consequently, this opinion was reasonably rejected by the masters as erroneous.
(Summa Theologiae I.63.5)
You can see that he explicitly acknowledges the “context.”