Averil, it looks as though it is right, but you need to confirm each generation in wills if possible, as Brian suggested.

If the 1770 will you have ordered isn't right for his family you could try:

For John Looney [born before c.1736, alive 1765/66]:
LOONEY, John 1805 Mau E 2 0106410
LOONEY, John 1811 Mau E 1 0106414

It appears that Patrick Looney didn't leave a will. This looks like his burial, if in Maughold:
Patrick LOONEY May 10 1816.

A Catharine LOONEY was buried Maughold Aug 4 1805.
Also Cath LOONEY Feb 22 1811.
Only one will: LOONEY, Catharine 1805 Mau E 2 0106410. This will could be informative, if hers, because some children were young and may give daughters' married names when they became of age to collect their inheritances.

Christopher Looney & Eliz Kneale:
Christopher LOONEY aged 48 buried Dec 5 1834.

Do you know Elizabeth's age?
Could be Bessy illegitimate dau of Ewan Kneale & Elizabeth Corkill bapt 3 Oct 1790.

Elizabeth LOONEY aged 72 of Ballakilley buried Nov 17 1866. Age a bit wrong, but she could have cut off a few years - the 1851 and 1861 censuses would help.

Having written all that I've just checked Constance Radcliffe's book "A history of Kirk Maughold", and she has written about the main descent:
“Looney Crowcreen (or Looney Yack).
In the form Lowny, this surname is found in Maughold Register from its beginning (1647), and there was a family of Looneys on the croft Bwoaillee Losht, below Ballafayle Kerruish, in the seventeenth century. The fact that John Looney was "of Ramsey" in 1748 does not preclude the possibility of him being a Maughold man, although we must admit that we have not found his baptism in Maughold. His wife Margaret Kelvin belonged to one of the Scottish families who came to Ramsey in the eighteenth century to engage in business, and even in her later years was a determined and masterful woman. On John Looney's death in 1770, she married William Creetch of Ballachrink, whom she also survived. In 1791, she settled her goods on her youngest son Ewan and his wife Mary Taggart, who were to keep her "and live with their loving mother during her natural Life, and to content her with a Decent Living as becometh a loving mother in her old age". This settlement was accepted as part of her will in 1798; she had also inserted a clause that if Ewan and Mary disagreed with her, she would go anywhere else she pleased, taking her goods with her!
By her marriage to John Looney, she had nine sons and one daughter, and from six of these sons are descended all the Looneys in Maughold at the time of the 1841 Census, and subsequently. The Parish Register often refers to them as "Yack" (Jack) after their original ancestor. The eldest son William was described in his father's will as a "poor pitiable object", and it was the second son Daniel (1745-1826) who lived in Crowcreen after the parents' deaths. The third son John (1748-1835) bought the intack Boshin and other land near what became the Hibernian, the inn first opened by his son John and his wife Rachel. The fourth son, Thomas, (c. 1750-1826), a shoemaker, bought part of Ballagilley.
The sixth son Robert (Robin) (1751-1826) bought East Ballaterson (the White House) from an old-established family of Callows, and after the White House was sold to Thomas Quayle and his son John in 1832, Robin's eldest son John and his family were farming from Croit ny kennipey (the present Sexton's house). The eighth son, Patrick (1764-1816), was a stonemason, a trade also followed by his sons Patrick and Simeon. The youngest and favourite son Ewan (b.1766), for a long time tenant of Ballaglass, was the father of Joseph later the owner of Crowcreen and Magher e kew, of John, who farmed the croft on the lower part of Ballaskeig Beg; and of George who was farming 30 acres of Ballagilley in 1851.
Sad to say, there have been no Looneys farming Maughold since the War, although there are many descendants and relations of the family, bearing different surnames, resident in the parish.”

Sue