I think it's a fine name for a child, though it's not my style. Like
Chanel, I prefer
Louisa (and I think
Louisa Mae flows a tad better than
Louise Mae).
It would certainly be a unique choice for a first name since it's usually stuck in the mn slot - I only know one person with the name
Louise (we call her
Lou). She would probably be the only
Louise in her class!