On the other hand, if we "aspire to the honors of men," we're doing something wrong (D&C 121:35).
How can we seek to be praiseworthy -- without seeking praise? That sounds like a bit of a tightrope walk to me!
There is a subtle distinction that we should not miss: Paul does not tell us to seek praise, but rather to seek after things that are praiseworthy and of good report.
In other words, we emulate, not what is praised, but what should be praised; not just things that are reported, but things that are of good report. And there is no implication that we should seek to have others give good reports about us.