Well, I would say look at your chosen color first maybe. Is there one that has particular significance for your team? Maybe stay away from something like the Red Racers (people think of snakes). Anyway, what about the Purple pacers or the Maroon Milers?
I do like those names... We do not have a chosen color, however. In the color race, everybody wears white and when you hit the next K (i.e. 1k then 2k then 3k...) the volunteers and sponsors douse you in paint as you pass them. You end up with 5 different colors all over by the end of the race.