Regarding a possible will ["John Looney b.1771 didn't live to show up in the 1851 census so there should be a will for him that might explain his connection to the Looney family a little better"] I had a look at the John Looney burials in Maughold which appear to match these two wills - the only ones I found listed:

LOONEY, John 1847 Maughold Epis 2, LDS:0106447
[Not his if this burial: J. LOONEY, aged 34, Killed in mines Sep 11 1847]

LOONEY, John 1849 Maughold Epis 2, LDS:0106449
[John LOONEY, 66, Village at the Church, buried 21 Jul 1849]

However in case they were in Ramsey, there is also this Lezayre will:
LOONEY, John 1844 Lezayre E 1 0106444. Burial not found in Lezayre.
[Maughold has burial of John LOONEY aged 57 (Robin) Nov 4 1843.]

Or perhaps his burial was in Ramsey.

Are you in the IOM? It is always worth looking at all possible wills.

Sue