Here's an awesome logo, in proper Toronto blue and white:
As for the similarities to the Timberwolves:
1. Who cares? We were there first.
2. That's what marketing gets paid for. Find the way.
Mavericks and Pistons somehow manage to get away with using the same freaking animal...
Not to mention Heat and Suns, Magic and Wizards...
Life will find a way (yes, the irony of quoting the freaking source of our naming issues, I know).