There 's one question you need to ask yourself beforehand: Are you attached to 'Villa Park' in the way Red Sox fans are attached to 'Fenway Park' or Packers fans are attached to 'Lambeau Field'? If the answer is yes, stop right there. Renaming isn't worth it to you. A new name just wouldn't sound right.
That said, I have no such attachment as I haven't been here long. My primary worry, besides the money, is if the name's going to sound ugly. Some companies make for more attractive stadium names than others:
GOOD: Great American Ball Park (Cincinnati Reds), Miller Park (Milwaukee Brewers).
OKAY: Emirates Stadium (Arsenal), Coors Field (Colorado Rockies).
BAD: Tropicana Field (Tampa Bay Devil Rays), Comerica Park (Detroit Tigers).
MAKE THE HURTING STOP: Qualcomm Stadium (San Diego Chargers), M&T Bank Stadium (Baltimore Ravens).
And take it from us Americans, who do this all the time: eventually, you WILL lapse from calling it Villa Park, and you WILL start calling it whatever it gets named. You won't be able to help it. (If the corporate name is in the front. If it's in the back, such as 'Villa Park Presented by (blank), you'll stop caring at the word 'Presented'.)