I'm quite happy to let our artist in residence come up with an ACME design.
My own view is that is should look more "club jersey" and less "foska novelty item". That said, I think the anvil wouldn't be the worst choice for an icon/device on the jersey - it evokes ACME quite well (at least to anyone who watched cartoons as a kid - the rest of us can patiently explain to OD and wowbagger). For the "club jersey" reason, I think it should be subtle... e.g. a silhouette, rather than a cartoon rendering, for example.
I think primarily it's an Audax Club Mid-Essex jersey, and so the ACME name should be prominent, and a set of three Essex Seaxes on a red panel/shield/bar would have to appear somewhere.
I do quite like bobb's MEMWNS round the sleeve idea. MEMWNS being the origination of and ongoing social side to ACME.