The name that was on there (Wallace) is one that's never been mentioned in the show. 108 is the sum total of The Numbers (same as the # of seconds between Desmond's button pushings). Since the whole exercise of getting Jack and Hurely to the lighthouse was a bit of a wild goose chase just to shake Jack up, it's entirely possible that Jacob chose 108 just because he had to pick some # to get them to move the mirrors, not necessarily because "Wallace" is anyone special (or, anymore special than any of the other candidates).
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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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