Hi - In the IOM illegitimate children were usually known by their father's surname even if he wasn't recorded on the baptism record. As his father was given at his marriage as John Edwin Wade that's probably who he was - son of John or Edwin - and it's less likely that he was the son of one of the sisters.
I can't see where a Peel family would connect with the Ramsey ones who you think are most likely to be your ancestors, and no point guessing when his aunt's maiden name on the birth certificate of Margaret Lewis could reveal all!
By the way, if she was in the 1871 census I think that was a typo by Bruce - aged 2 would be bc 1868/69?

Sue