I like
Georgia.
It's the only Georg-name that I do like. For some reason, I don't associate it with
George.
Nor do I associate it strongly with the state. It's just a nice name. It's not prissy like
Georgina.
I like the combo with
Grace. I don't think you should "save" it. It's the inevitable fate of first children of their gender, to get named with whatever Mom and Dad have been saving up their whole lives, and younger siblings get named by people who have some experience naming. Anyway, if you really wanted to you could have a
Georgia Grace and a
Grace Mary Louise or whatever. It's not a big deal IMO.
I don't think the middle initial L thing is a reason to choose a name (ymmv). I guess if you need a tiebreaker.
Georgia Louise sounds alright... but I like
Georgia Grace more.
- mirfak