For the record I did not realize a bit was not the same as 1 Satoshi...

Because of this I think it would not be the best idea to use if there is a chance it will confuse people.  I however think we should just call 1 Satoshi 1 Bit because it would makes sense for a single unit to be a bit IMO. 

The language does need to be tweaked but I don't think it is something worth fighting over is all.