I don't know anything about WEOLA, but I tried to find WEILA. It is not listed in my FÖRSTEMANN, Altdeutsches Namenbuch. The closest I could get was WELA, WIELA, WEALA, WIALA. Förstemann (and following him, Henning Kaufmann 1964) derives the former from VELA 1, the rest from VELA 2 (Wieland can be found there, too).
VELA 1: "well," from "will"
VELA 2: from the Old Nordic "vel," artificium (piece of art, craftmanship; which at least at first sight goes well with the story of Wieland the smith); or else from the Old Saxon "viela," treasure, wealth.
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