On the Cape Ann, we have flipped that strategy around. First, we browsed Microscale's online catalog to see what stock decals are available, then selected decals which could be modified to create a roadname. In other words, the decals drove the roadname, not the other way around. We wound up with not just one, but three roadnames!
First .. Observe the Central Vermont CV logo:
Jim Parker photo
The CV could be flipped and applied wrong-side out to turn CV into CA. Thus the inspiration for using a CA roadname: Cape Ann. (There is another modeler out there doing the same thing, for his Central Atlantic).
Cape Ann locomotive
Cape Ann boxcar
Second - a Maine short line to interchange with the Cape Ann. The Rock Island decals are an easy modification, just cut a few letters out of the middle to turn Rock Island into Rockland, a city in midcoast Maine.
Rockland boxcar and caboose
Third - Seaboard Coast Line decals were found to be an inspiration for Seacoast Line, a regional New England short line specializing in running seafood from Maine to Boston overnight.
Seacoast Line locomotive
Seacoast Line boxcar
Seacoast Line caboose
Leftover scraps are useful too. Some leftovers from Procor tank cars became Co-op gondolas.
So - before you settle on a roadname, see what is available for off-the-shelf decals you can modify!