Ueshiba didn't find or choose the new name. He just accepted the name which was given to his art when it was integrated into the dai nihon butokukai in 1942.
A teacher who is connecting aikido and daoism in an interesting was is Endo Seishiro.
Yes - I'd heard that. Perhaps I should choose the word 'accepted'.
Nevertheless I have been taught that the Do part of Aikido has deeper significance than simply 'the way'.
For me I am happy to accept the teaching I've received and take this as Dao.
I believe the influence of Dao principles upon the primarily Daito Ryu techiques deployed within Aikido helps to define the difference between Aikido and Aiki jutsu.
Same techniques - difference teaching if you like.
Others may choose to interpret things differently.
ps. I think I've seen a few of your previous posts regarding Endo Seishiro.
The name is definitely on my radar !