For some reason you want to completely ignore the Maughold Parish Burial Record that clearly shows that John "Yack" Looney was buried in December 1835 and he was recorded as being 87 years old, born about 1748.
On top of that there is a November 1835 Will that appears to tie in with the December 1835 death of John "Yack" Looney. Yes he said he had grandchildren living with him at the time.
Then there is the 1831 document that also seems to tie in with this same John "Yack" Looney (Sr) who gives his son, John Looney Jr. ownership of property known as "Gob no Scoote". This property is land that was to pass down to John "Yack" Looney under the terms of his father's 25 Mar 1769 Will.
It would appear that the John Looney Jr. mentioned in this land transfer is the same John Looney who married Rachel Redhead since we know that John and his wife Rachel ended up with the property during and shortly after the 1830 time period.