Earlier Looney family researchers who were in contact with IOM researchers, were told that the Looney family were recorded in the IOM records as far back as the Manorial Rolls of 1511-1515 under the spelling of "McGillewne". A man named Mold McGillewne does show up in the Parish of St. Lonan in the Fines and Amencements section.
I think the variations in the spelling of the surname comes from the fact that the person making the record simply spelled the surname the best they could based on how it was pronounced. I noticed that a lot of people signed with a mark so they most likely didn't know how to spell their name either. I see examples of this same thing happening with other surnames too.