I certainly wouldn't use the same song that aussie rules went with. The original song it was re-worded for (Rock 'n' Roll I Gave You All The Best Years Of My Life ... if that's it's name) is a good song, but can you imagine the jeering we'd cop from them if we used the same song for the same event (100yrs in Australia)?
I know a few people won't be keen on this idea, but what about Jimmy Barnes's 'Working Class Man'? It's lyrics can easily be adopted for League. It has slower, quieter parts which can be used for showing older footage, emotional scenes (winning GF's and Origins, losing the same, ect), and it has up-tempo rockin' parts which would go great with big hits, celebrations, ect.
I wouldn't be upset if they did this.