Considering I haven't written up the actual player-wanted posting yet (but will in the next week or two), I think there's still officially room. Depends on how quickly things go once I make it official.
Not sure I understand the question. Are you asking what the covenant name might be? If so, it's been Insula Canaria since the covenant was founded in 1143. It may be possible to change the covenant name, by vote of the Council (i.e. hash it out in-game).