Great idea!
It was the original NAF that hooked me onto bloodbowl as a youngster as that tied it into American Footfall which became hugely popular around the same time. I voted for NFL Lite, use the format but put in the teams you want to see. There were much fewer 2nd edition races than there is now so a lot would be missed if you stuck to the original.
Southstorm Squids could well have been an Elf team or somesort of undersea monsters, there is conflicting evidence either way, debated at length on other forums.
I was originally a 2nd Edition stalwart, hated 3rd edition due to the fundamental changes to the game. However i came back to it a few years ago and have bought into the flexibility and variety that the latest LRB gives you. Team wise and play style compard to the earlier versions.
As a result i went on an ebay bargain hunting spree and now for better or worse own 44 teams. Enough for my own NAF as i always dreamed about as kid but could never afford.
In my defense i cant resist a bargain and ive only 9.5 teams left to paint!
The demise of Specialist games is a double edged sword for me, the prices on ebay are already rising (anything under £30 on ebay inc shipping for a 16 man team, was the standard for being a good deal, the closer to £15 being a great bargain), however the counter is my existing collection is worth more. Must get it insured seperately!
Due to actually playing a NAF season probably taking 10 years of actual time (real life permitting).
Ive gone for a NCAA style setup
http://msn.foxsports.com/collegefootball/standings, where there are divisions (along racial lines), but anybody can play anybody else. So you can play whatever takes your fancy without being stuck to a rigid schedule.
i look forward to seing your P&M blog, good luck with the project, it will be a lot of fun.