That name will be the calling card of your music. It shouldn't be something that you'll get sick of hearing. It perfectly described their sound, to me. Then I heard Cantrell in an interview. It had something to do with a ficticious transvestite name that they invented.
Most people pick a name because it sounds good, then find a meaning for it later.
REM has nothing to do with their music. Duran Duran is a movie character. Veruca Salt is as well. Hope I answered your questions. Feel free to write back for more clarity.