I'm not in a band yet, but I think I found a perfect name for what I am eventually trying to do and it fulfills 3 criteria i have or names:
1. It's unique
2. It has hidden meaning
3. It looks good in writing and its fun to say.
Should I cough up the $150 or whatever now or wait.
Depends if you think there's a chance someone else will use it by then. If it doesn't seem like someone else will guess then you could probably wait, not to mention your band might not like it, and you too may change your mind later. I've thought of some cool names, then thought to myself a few weeks later "I dunno, sounds a little silly."