OK, back to the original question. About liveries and names. I really doubt either name or livery will be changed. Cost is a factor, but brand name recognition is also. And on top of that, AC will remain the name simply because it's bilingual. Even something like Air Canadian wouldn't work due to english/french issues, so it will simply be Air Canada.
Now to prove the point of brand name recognition I think I'll refer to past example. Anyways, I had a neighbor who used to work for Pacific Western, and of course became a Canadian Airlines employee. Back several years ago he commented on the change livery. At the time his comment was that the loss of the well recognized Orange paint at CPAir in 1987 had damaged the companies recognition in global markets. Now I realize CPA had just introduced a different livery in 1986, but it was never fully worn and never really had time to build market loyalty to it. The loss of the Canadian Pacific name also hurt. Nowadays we're in a similar situation. Would it do more harm than good to change the name or image? For simple reasons of creating a brand the current livery and name worn on Air Canada will continue.
I do understand, however, that employees feel loyalty towards their company, and will not like to see the CP image disappear. I know Wardair people certainly felt that way. Interestingly, however, the Goose was originally introduced in 1929 on Western Canada Airways, and indeed this company eventually became Canadian Airlines. It also, however, had a part split off in order to create TCA. I would suggest, then, that CP employees communicate to AC management something to the effect of "in honour of the shared histories of our airlines, that the Canadian Airlines goose logo be placed on the nose of all aircraft of the merged airline."
Flygirl, here's another idea I posted quite some time ago, and I don't know if you ever saw it, but I think it's worth repeating. As you realize, Air Canada has an A319 painted in TCA colours to commemorate it's history (on the event of it's 60th anniversary). I would suggest that it might be a good idea to expand this into a "heritage series" of aircraft, commemorating various component airlines. For example, painting another aircraft into the old AC red stripe image (maybe an A340-would look like a DC-8!) would commemorate AC along with the TCA aircraft. Painting one aircraft into the CPAir orange, and one into Pacific Western or Wardair colours (with AC titles alongside) would commemorate the Canadian Airlines history. Of course that would not include all of the dozens of other airlines like Transair, EPA, Time Air, Quebecair, Nordair, and so on, but an insert into EnRoute magazine with some photos would make a nice commemorative edition. This would create pride and loyalty amonst all employees, and would also be a valuable PR tool amongst the public who fondly remember those images of the past. I think it would ease the fears people have that the merger will erase the past proud histories of the constituent airlines by celebrating the histories of the airlines.