I was going to suggest Guido, but Giuseppe works, too. 
For a mascot, I don’t picture the torch itself, but a person holding a torch high above their head. Or possibly a lantern, or whatever. And aside from holding the light source, that person could meet almost any description, be dressed in almost any way, and be doing almost anything else, which gives a lot of flexibility: For instance, the mascot for a particular sport could be shown as dressed for that sport.
If a KKK association with “Crusaders” was a leading motivation for getting rid of the name, then maybe having a fiery mascot or employing burning torches isn’t such a hot idea.
Valpo still has the problem of sounding like a brand of dog food.
Just combine the “Crusaders” imagery with a torch and have a burning cross, then everyone will be satisfied. What could go wrong there?