Back to the main discussion here (not whether or not to name, but what to do about an unusual or potentially embarrassing name!) I have a highly unusual name — I have only come across 2 other people with this name in my life — and it never bothered me at all. I was proud to be named for my father’s grandmother, and loved the fact that it was a great conversation starter when meeting someone new — they would invariable ask me about my name! I also think this is very much in the “ears of the beholder” some people consider certain names beautiful, while others think they are weird. I would have no problem giving my child an unusual name to honor the memory of a relative (we actually planned to do so with one of my children, but the baby’s was the wrong gender!) However I think that a name that is very likely to be made fun off (i.e. it has negative connotations, or matches very poorly with your last name) is not fair to give a child, and if you just really hate the name, maybe that is part of your Ruach Hakodesh as a parent!!
As far as adding a second name goes, and whether or not that is no longer considered actually “naming for” the person, when we looked into this we found a psak that if the name added was a name of shevach or hadoah to Hashem (i.e. Boruch/ Bracha), it is not the same as randomly giving a second name, or naming after 2 different people, when in fact it is neither name that you are giving. If I remember correctly this was said in the name of R’ Moshe tz”l.
Bottom line — if this is a question L’masah, why not speak to your rav, who knows your particular community and family, to help you determine what the correct thing to do is in your particular situation.