I'm voting for the more old-school latin-y name, just because it's more interesting than the others...sounds more 'professional' (and that's obviously what you want in a chapter name ).
As for fluff, the basics sound good. Could do with a bit of development, a bit of flesh to fill out the skeleton as it were, which I'm sure is your next move. Some questions that spring to mind:
How did 'The Lords' know they needed a whole SM chapter to stop them getting the crap beaten out of them?
How did they go about creating the chapter?...I mean, you can't just say "I need some space marines", and expect someone in an office on some far off work to spring into life and go - "This guy needs a chapter, get them packaged up and sent there immediately!"
Why 200 marines to a company?
Solid idea though :D
The X
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