Sounds good. I think you should attempt this on small scale and with less rules and report back collectively. Personally I would be open to try out some vanilla variation on this.
The name sound little bit childish. I would rather choose something more serious and mature. Like name of some mineral, chemical, geographical point or similar.
Reasonable. I will try out the theadmill as well.
Note that one advantage of eliptical trainer is lower impact on joints.