If you finger pick a lot, you might want to put the low G & C on top so that the thumb hits them first and you get a more "bassy" tone on those strings. I changed mine so only the G strings are in octaves and the high G is on top but have wondered about swapping the high and low G over for that reason I don't feel that strongly, though. When it's due for a string change I might try it the other way up.
I use mine at a local open mic and last time, as I was getting ready to play I overheard someone call it a mandolele. I reckon that's because in the folky world various 8 string instruments, not just mandolin, are common.