[Opinions] I don't think so.
I think levity has a sort of negative connotation, like, joking around, inappropriate unseriousness, irreverence, frivolousness ... not really the kind of thing worthy of a name, to me anyway. Something like Goodhumor or Laughter would be more appropriate IMO. I guess it could be, like, deliberately irreverent, in a good way, to use Levity as a name? Maybe I'm thinking too hard. Anyway, I say nay because I wouldn't want it as a name. Has a namey sound, though, if you like -ity virtues as names.