Use of the -o argument will rename the folder, but if you try to run it with -o <arg> -z you will get a renamed folder and no zip. No errors are displayed.
It doesn't appear to be because the -z function is looking for a folder named "SimpleArchiveFormat" (because there already was one in the same space), it just seems that nothing gets passed to it.
-z doesn't appear to take a filename as an argument.