Donna,
As Gen-eal-ogy=Probable or possible or unlikely,
The short answer is I do not know.
However I believe it is unlikely on both counts as I agree with you that the first two children named do not appear on anything I have seen.
I first looked at this marriage in 1992 when compiling manx CORLETT events.
This was in conjunction with the late Noreen Cottier and from extracted records.
As my priority at that time was male CORLETT lineage I just noted what seemed relevant.

My ref. Cxm0720/1351 Elizabeth Margaret CORLETT was chr. on 10th July 1853 at Kirk Michael.
Nb. We have two Elizabeths in the same year in Ml.
In 1861 EMC was entered as aged 7 and as Elizabeth CORLETT
She was with her parents at Cronkdhoo Ml.
In 1871 she was not found (on the Island).
She did marry (my ref. 2468) as Elizabeth CORLETT to Charles Cain(e) on 29th June 1879 at Braddan.
She died aged 75 in 1929 as Elizabeth Margaret Cain. reg. ref. Peel A-515.

In the absence of a sensible "Search" facility on this the present message board I give you the following:-
Nb. This is to jog your memory, recap and maybe clarify a few things.

Patrick Landy ( ) posted under the subject "corlett" on Sun 04th Nov. 2001.
This was on the old "Family History Society" bulletin board.
He said:-
"elizabeth corlett b. 1853 d. 1929. married charles cain, b.1848 d. 1893 at peel. would anybody know eliz parents or where she was born or any information,, thank you."

You posted under the subject "Charles Caine" on Mon. 13th June 2005.
This was on the "Manx Genealogy" message board.
Nb. Although you started "Peter" this seemed to be a response to "Patrick"
You named nine children to Charles Caine and Elizabeth Corlett starting with Elizabeth Caine born in 1874 followed by James Caine born in 1877 both in Ml.
You then jumped to Charles Caine born in 1881 in Peel.
This posting started a small string of some seven postings in total involving you, Patrick and Julian Griffiths.
The outcome was unclear!
Peter.