For the Privateers, you could go with a different acronym instead - in fact, if you ask me, Queen Carina's Privateers sounds better than anything else I can come up with, I'd leave 'em as that. Alternately, a simple -P, similar to what I've seen on some of the LR players, would save space if you have to go with a suffix.
The Guards seem relatively pointless to me as a seperate group; even if they do exist, I wouldn't bother with any changes to the name. I'd say you should keep the Privateers though.
