Is there a way to edit team names or player names, sorry in advance is this question is asked a lot.

Team names, nope.  Player names, yes.  I strongly recommend that you take extra care when changing player names.  Backup your save too.

i remember one year fm had a built in editor that let you alter the team names too, cant remember what year it was but you could definitely do it, because I don't like the way the game has got the likes of Benfica and porto down as slb and fcp respectively, I just think it looks naff.