If its about branding... what about the Dire Straits Legends? They even use the whole name
I agree that the name its confusing, but if you take a look at many of the DS tribute bands that are touring, their names are always like that, except when they choose song titles or references like "Solid rock", "Rockaway" or "Brothers in band" (the last two, Spanish bands, excellents...)
The fact that Alan and Chris were "Straits" could had been the excuse to use the name, but they should had been more creative on it, using another name, related to any song or whatever, and then add the "two former Dire Straits musicians" that its kind of necessary if you want any agent to book you...