Well, you probably know my suggestion...Balboa Airlines!

But seriously, you hit it right on the head. The name will have to either come with good or no connotation attached without being overused or overdone in the past. Another good source of names could be of defunct airlines that had a good reputation such as Pan Am Airlines. The name could reflect the type of service that they want to provide like words associated with high end such as elegant, excellence or anything in the precious jewels category. Or if they are going for something for bargain prices, words associated with a good bargain (but not cheap) like econo-air. IMO, its tough because there are so many words out there with connotations attached that it would be hard to choose one that expresses the airline and its goals in two or three words. Tony's got the experience in marketing, I am sure he picked the right one to express the direction of the airline.