A personal preference would be going with the real teams, but I'd have no problem with people picking their own towns and names as long as the names aren't terribly outrageous. I'm not necessarily a fan of the Yarmouth-Dennis Red Sox as a team name anyways. What a mouthful.
Either way, I call dibs on the Falmouth Commodores! Keeping us to 10 teams makes it manageable enough and still ties in to the real league.
And I'd be happy to have you knuckler, I've certainly peaked into the logo forums (and sometimes actually contributed) enough over the years to know your name.