Sorry I don't think so. That's not French. It's a pronunciation only used to make it easier for English speakers because typical French sounds are very hard to make for them. The French would never pronounce 'lu' as 'lew'. Btw, the French spelling would be Mélusine.
ETA: Here's the pronunciation key I used:
http://www.behindthename.com/pronunciation.php
~~~~~°§°Johanna°§°~~~~~This message was edited 8/23/2009, 2:01 AM