I've been working on a similar patch for FIFA 2004. I would love to work with you, so we can share items for our patches between FIFA 2004 and EURO 2004.
I have been searching the internet to download all of the various league patches that people have created for FIFA 2004 to get kits, rosters, badges, etc... and have quite a bit of source material to choose from. I have not yet asked the various patch makers for permission to use elements from their patches since I have not finalized my list of teams.
I am planning on replacing the English leagues (Prem, 1, 2, and 3) with world clubs, which gives me 92 teams to work with. I have my list mostly done, I will post it here (or in the FIFA 2004 forum) if people are interested.
Please consider changing the USA team to the Chicago Fire. The Chicago Fire are the current league and Cup champion in the USA. Los Angeles finished 8th last year (out of 10 teams). Although Los Angeles currently sits on top of the table early in the new MLS season, the Chicago Fire is in second and is a much better choice based on the fact that they are the current league and Cup champion.
Also, you might want to consider adding one Japan and one Korea team to give this more of a "world feel". I know that these clubs are probably not as strong as the European clubs you have included, but Aisa is not represented in your current club list.
Please let me know if you are interested in sharing items between your EURO2004 Ultima patch and my FIFA2004 patch.
Thanks,
Firefan98