If you want to name your kid Emily, name them Emily! It doesn't matter how popular a name is. Using a variant like this to avoid using the name itself is just as bad, if not worse!
This is my name and I absolutely hate it. No one ever spells it right, even my family members, and it gets mispronounced most of the time. I don't like the name Emily to begin with, so spelling it wrong doesn't really help. I would not name your child this.
The first time I saw this name, I really thought it was pronounced Eh-MAHL-ee. Silly me, assuming a name should be pronounced phonetically and not thinking like a tryndy. This is one ugly misspelling of Emily.