After reading the Wiki, I see that I should have set our site name in CM1 as www.graceland.edu. Can we change the name of the site at any point or would we have to start all over again?
You can change the site name and do not need to start over. If you have already setup a live Tomcat webserver, then you also need to change the Host entry in that Tomcat server.xml file and restart Tomcat. If you have previously published to this server, then you also need to republish the entire site from CM1.