OK, it’s done! I posted a sequence of images showing how the mark developed. As you can see below, in the first sketch it felt too thin and the L at the end was too tall. Kerning and readability issues abound.
In the second I added some weight, but the LA was too tight, there were too many elements below the baseline, and it still needed some heft.
When I added some bulk in the third sketch, it revealed a problem where the cap A’s were too heavy because the counters were too small. I also had to address the overall pointy-ness on top.
Creating two different cap A’s in the fourth and final sketch resolved a lot of issues for me. It broke up the pointy tops, nicely locked up the LA with the R, and created a nice rhythm throughout. It’s got a strong baseline and I’m happy with how well it reads. I feel like I could fuss with this even more (the waist and leg on the R need some massaging and the crossbars on the A's are optically heavy), but it will work fine for the time being.
UPDATE: Last but not least, here is how it looks on my biz cards, printed by the fine folks at Moo.