I think it makes sense to do away with the "Lady" in the name for most schools. This is 2012, not 1978, there's no need to differentiate anymore. However, as you said, Pat Summitt made "Lady Vols" the most recognizable brand name in womens' athletics. So I think it would be a mistake in our case.
However, I'm 100% in favor of getting rid of the blue in the uniforms. I don't care if Ray Mears started it 40 years ago- Ray Mears was wrong.
Ditto. Keep "Lady Vols", keep "The Summitt", get rid of the baby blue. I wouldn't mind if they kept a different Lady Vol logo, though... although that isn't going to happen.