In the Tse draft of the screenplay (now available for download here at WCM.Com), the Minutemen and the Crimebusters were renamed the Watchmen and the New Watchmen, respectively. What's more, Captain Metropolis and Mothman are never mentioned. Instead, Hollis and Sally are listed as the only "Watchmen" alive after the Comedian's death, and the "New Watchmen" meeting is led by Ozymandias.
Of course, neither group was even referenced in the Hamm draft, but let's not go there.
So, is the name change for the better, for the worse, or does it really make a difference? If Mothman and Metropolis don't make the final cut, would you miss them?