No, "akropolis" means "high town" or "upper town", as in "the part of the city that is above of the lower town". In this instance "akros" means "peak".
But indeed, the word formation rules in Greek are more complex as in English (true for most languages, I guess). Usually, you don't combine too many vowels in Greek, as plutonick already mentioned in his examples. And vowel combination is a bit finicky.
There is, however, no problem in combining personal names with the suffix "-polis", numerous examples come to mind: Constantinople (Konstantinoupolis, after Emperor Constantine), Adrianople ([H]adrianopolis, after Emperor Hadrian), Augustopolis (the Phrygian one, after Caesar Augustus) or Pompeioupolis (either the one in Cilicia or the one in Pontos, bother after Pompey the Great, a Roman statesman and general).
The trick here is, that "-polis" is attached to the possessive genetive of the Name. And while many (but by far not all) male names have their regular ending on "-os", the possessive genitive ends on "-ou". This makes Konstantinos Konstantinou[polis] and Roman Pompeius gets treated as Pompeios and becomes Pompeiou[polis].
As time flows and Ancient Greek shifted to Middle (and later Modern) Greek, the long "ou" sound shifted to a short "o", making the possessive irrecognisable.