I don't like it. I don't really like boys names for girls, and I tend not to like made-up spellings either.
If I had to chose, it would probably be Mykel
Elizabeth.
How about
Mikayla instead, there a lots of varient spellings of that. It's much nicer in my opinion. You could still use the nn
Mike or Mik too.
Here are some of the varient spellings I've seen around the place;
MichaelaMikaelaMackayla
MakaylaMikeila