My favorites:
1. Spirit of Elijah - Even though this is a new game it's still the same players and I feel we should have the same guild name. Even though new folks will be joining us, i don't see that being a good reason to change the name. You don't change the name of other things in real life just because new people decide to join the club.
2. Legacy of Elijah - On the other hand, 250 years have passed since the guild was formed. The characters in this guild are descendants of the original heroes that formed Spirit of Elijah. We don't know what has happened during those 250 years but I imagine it's been rather chaotic with those dragons and all. I picture a band of heroes digging in the rumble and discovering some books (or a hall of monuments) that recorded all the great deeds done by the Spirit of Elijah guild. They talk about this guild among themselves and decide to revive it under the name Legacy of Elijah in order to fight the dragons.