Which, unfortunately, is homophonic with "rear" in my delightfully non-rhotic accent, so although I love the idea of it, it's off my list.
I've never seen RAY-ǝ in Australia, but it's an uncommon name so I suppose one could make it fly.
Mind you, if I was going to use RAY-ǝ, I'd just use
Raya rather than trying to make
Rhea fit.