I don't really care what label the car gets, but it would be cool if they go with "Celica"
I think badging it a Corolla would be a bad move... nowadays, only Initial D fans and hard core import enthusiasts view Corollas as anything other than crappier versions of the Camry -- i.e., bland, uninspiring, people-movers. At least the Celica is still considered "sporty".