I think draft is the best way to do it. That encourages the league to fill on up after the first 12 or 16 owners are in/teams are taken.
And no, the name thing is the only thing I've always hated about the league. I absolutely loathe being told what to name my team. It actually keeps me out of several theme leagues. This one was always my favorite theme league, though, so I'm in no matter what.
$47M would be ideal with this salary structure IMO. $52M is too much, though most teams are still competitive. $42M will make it too much like an OL, imo, but I'm in with either of the three caps.