I suspect the mills are not one and the same. I think there was a mill just upstream from the main Peel Coast road, which is where most of the houses are clustered.

If I can find my copy of Industrial Archaeology of the Isle of Man, I might find out more, but in the meantime check out Cooildharry which is the glen a little further up:

http://www.isleofman.com/whattodo/attractions/nature/reserves/cooildarry.htm