Gene, you've touched on several points that sometimes tie the hands of folks in charge of producing LE chips. I heard that there was at least one LE that was rejected due to pressure from NASCAR for the inaugural Vegas 400 this year. Bronco Billy's managed to skirt purchasing licensing rights from the NFL, and still got the names of both cities on their commemorative set. As I understand it, if they'd wanted to put the team names on the chips, they would have had to buy the rights from the NFL or at the very least received written approval.
Gaming commissions sometimes take "a matter of taste" into consideration. That's what happened with one of the Bronco Billy's Black Hawk closing chips. The chip that shows what would be a heart royal flush except for missing the Jack and instead showing a seven of spades, and having "I WAS A JACK OFF... ...IN BLACK HAWK" was considered to be in bad taste. I thought it was funny. ...but I guess a sense of humor doesn't always figure into these decisions.