Good question. I'm going to confer with my colleagues, as on the one hand, not allowing this will likely spur creativity and lead to less confusion in discussing the submissions ("Don't you think Skullclamp fits?" "Which of the 7 entries are you talking about?"), but on the other hand:
Nothing says otherwise.
So..."Answer murky, try again later."
-Trip
I may be wrong, but I think there have been stories where they kept the name and redid the card, but I can't prove it.
Private Mod Note
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Rollback Post to RevisionRollBack
"The only thing necessary for the triumph of evil is for good men to do nothing."
As always, I will ignore all complaints.
All complaints will be rerouted to my round, metal filing cabinet. It's only a game, after all.
I may be wrong, but I think there have been stories where they kept the name and redid the card, but I can't prove it.
http://forums.mtgsalvation.com/showpost.php?p=4583260&postcount=7
This may help a bit.
Also, I should point out that the example used looks too much like a common, but that's my opinion.