I like
Penelope quite a lot, and
Penelope Juliet is lovely imo. I don't think it's 'too much name', no. :) I grew up with a
Penelope Renee nn Pennie and I didn't care for her name at the time, nor her nn (and neither did she) but I've started liking
Penelope more over the years.
My favorite nn's for it are
Nell,
Nellie, and
Ellie, though. I like
Poppy much more than
Penny. I've never considered
Poppy as a nn for
Penelope, but I think it's fantastic. I love
Poppy but it seems a bit childish or nickname-y as a full name so I think it works perfectly as a nn. I also think
Wesley and
Penelope sound great for siblings. Good luck.
~
Heather~