The IGI has several entries by members of the LDS Church for Robert LUNEY or LOONEY son of John Looney born 1692 "Ballagilleyfarm, Maughold" Death: 14 SEP 1769, but there is no entry in the Maughold parish registers to support this birth date. Also, there are no "Luney" baptisms.
If this death date came from a USA will or MI, you may get more information from that.

The IGI also has numerous marriages entered by church members for Robert Looney, said to be in Maughold, but again these marriages are not in the Maughold parish registers.

The only baptisms of a Robert in Maughold in 1692 were the sons of Samuell Allen 19 Jun 1692 and Gilbert Corteene 18 Dec 1692.
The only pre-1692 Looney Maughold bapt was for an unnamed child of Robert Looney on 16 Oct 1663.
The next Looney bapt is for Elleonor dau of John Looney on 1 Oct 1727.

The only pre-1733 Maughold marriage for a John or Robert Looney is for John Looney & Margery Woods on 16 Apr 1666.
A Jon LOONEY was buried in Maughold on May 21 1728. His will appears on Brian Lawson's index: LOONEY, John 1728-1 Mau E w 0106372. If you order this will from a LDS Family History Centre ref. no 0106372, it may answer your questions.

Sue