I don't think anyone will be confused... seeing as it's also the name of about a billion other things (Pre-Firefox, I still remember you!). I feel like "Pheonix" is the second most common project name behind "Matrix".

And on a less nit-pick-y note if the author is reading this - the project looks really fun and is certainly going to take up a chunk of my weekend!

Cool! Let me know what you come up with. :)