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Hosting it yourself will look more professional than using LJ or Google Blog. I don't know what GoDaddy's deal is, but it's relatively easy to find inexpensive hosting (e.g., the hosting account for LoT through lunarpages costs all of $7 per month). I use GoDaddy to register domain names because they're the cheapest, but do the hosting elsewhere.
Just my .02*
As for names suggestions:
* Blog around the Block
...
That's all I got.
*Full disclosure: The LoT gets a referral bonus for anyone signing up with Lunarpages through the link below. But my advice that it looks more professional stands whether you go with Lunarpages or not
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'He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me.'
-TJ
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