call me pessimistic / cynical, but shouldn't you get something done before working out what to call yourselves?
A lot of 'big projects' don't finish 'round here. The official Anim8or movie hasn't really gotten anywhere for example (considering how long its been going). I've worked on a few on my own, and really your enthusiasm is at it's greatest early on. Perhaps you should use these early days to go full throttle at the actual modelling, rather than arguing about the name.
Look at it this way: think of it as earning your name. So far, you haven't done anything as a group: so why do you deserve a name yet? While you're modelling: remember that you want to be a member of this unknown group, you want to be known etc. You'll probably come up with the perfect name later anyway.
The point is, it's not a top priority. This project seems a little more realistic than a lot that I've heard about, I'd like to see it finish. but remember, at this point you're not a 'studio' or 'company' because you haven't done anything