Bit late to the conversation, but I think the CP / W' concept is definitely worth exploring. And I'm talking about the cycling definition of CP, which has been around for years. What I like about the model is that it's performance derived (rather than lab derived), that is, you can use three recent race results or TTs (varying from 3 - 30 mins) to fit your model. A downside is they need to be all out efforts, which may not be feasible during a big training block, or if someone is returning from an extended break the values might be skewed.
I see the benefit of using it for prescribing reps/rest in training (as long as they're over 1 min / 400 m). Attempting to get W' as close to zero in the final rep, by tracking the depletion in each rep and the restoration during the breaks, could be a great training tool.
As for the calculations, Skiba has one from recreational cyclists that's been around for a long time, and more recently, Bartram published a paper where the calculations are derived from the Australian cycling team. I'd lean towards using the latter because they're from an elite population.
Regarding terminology... you can't go wrong if you say W' describes the work capacity available above CP . Whilst W' does not equal anaerobic work capacity, it's predominantly an anaerobic contribution. From a lay persons perspective, I would keep it simple and say CP is aerobic and W' is anaerobic. But if you speak to a physiologist they'll know this isn't true. Regardless, as an applied sport scientist I don't get bogged down in definitions, leave that to the academics!