I'm not convinced by the fact that the word "sebastos" is a translation of the Latin Augustus. In fact, there were cities in Asia a long time before emperor Octavian gave himself the title of Augustus. Yet the two words could come from the same Indo-European root.
SEBASTIAN means: made sacred by association, VENERABLE. This name is originally Latin. I think it sounds poetic yet masculine. Not very appropriate for any kind of fuzzy creature.
Yet the two words could come from the same Indo-European root.