either go with something that will a) only be recognizable by people who either know of Iowa State or Cyclone fans, or b) make one that will get the Iowa State/Cyclone/Cy name out there to other gamers. But make sure not to make a name that you'll regret down the line (i.e. Chizik_4_president)
btw - my GT is "sinkdawg04" if you feel like adding me. It's an old nickname I chose without thinking of an ISU-tie in (ugh) however my avatar is the I-State logo. I play mostly games like Left 4 Dead, COD:WaW, Gears 2, NCdub09...
I would change my GT to something along the line of "Erik4Cy" (which my father just got me custom Iowa State license plates with the same name for Xmas that are going on this week, thanks father! Oddly enough the ISU plates we're made by former iowa hawkeyes turned inmates), however xbox live makes a nice little charge for changing your name unless you go to the ridiculous means of having multiple people file complaints flagging your username as offensive.