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As for your question about Delta; Delta is the 4th letter in the Greek alphabet: Alpha, Beta, Gamma, Delta.
Though I dunno why Bungie called it Delta Halo, as the Halo, on which Halo CE took place, was "Installation 04", as said by 343GS. And 2401PT stated he was the monitor of Installation 05, the Halo on which Halo 2 takes place.
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*spoilers*
Consider this though: Let's assume the Ark is Instillation 01. That would make the Instillation (which may not refer to the actual Halo at all... but the Library or even that giant cannon thingy which sets off each "detonation") on Alpha Halo be 02 and the one on Beta Halo 03 and so on and so on.
If you take that into account, the 7^3 = 343 thing makes a little more sense. 343 may have been on the third/Gamma (explaining the third power) Halo, but it presided over the 04 Instillation (Library?).
F*ck. When did I become such a loser?