Thank you for your detailed response Xander Bakker. With respect to your question regarding domains, they have a significant limitation in an enterprise geodatabase environment. Only the domain owner can update them. I am currently working on an implemention of ESRI's Address Data Management Solution. One of the tasks in the solution has you update the master street name file and then use that file to create the domain. That approach works, sort of. In addition to the domain edit limitations, I find trying to pick a valid street name from a mile long list impractical.
My thought process is if all users can edit the master street name file I'd like to run a verification against a new centerline street geometry insert such that the name entered on the new street is already in the master street name file. If it is, great, if not return some sort of warning to the effect of 'Hey there, your new street name isn't in the master streets file' which could mean the new street name was misspelled or simply has not been added.
At any rate, your suggestions are exactly what I was hoping to get, and I'll get after it as soon as I get back to the office in the morning.
Thanks again!
That should just about do it....