Hah, sorry for siding with your wife again, but I agree. The eliminate method stinks. You're son shouldn't be named like that. Naming should be sacred. When your son asks how he got his name, do you really want to tell him it was by elimination and then a friend picked it?
If you're really still at an impasse after this thread, I'd try one of two methods. Both suggest two names each. Then decide together what you think your son, growing up where he will, will like and benefit the most from. The other method is simply letting one of you decide. That's what my parents did. My mom got to name me. Now how you might want to decide who gets to name him, is another process entirely