can we see a variation on entry 35: we would like to make it feel more like a 3D emblem, where the letters are indented, or raised - think of the "Ford" logo, in red ( try something around hex# A60E08) with a white border around the whole thing. Have the letters completely contained, not busting out of the sides.
the font for the initials should be similar to the font that you have, ie thin, but less angular for the W and M, possibly a little thicker to make easier to read.