Actually, the reason I never cared for
Fay /
Faye is how close it is the the French word for fairy, "fe'e." (That's supposed to be an accent going up over the first e.) I love other names that give me an ethereal, folklore-y feel, like
Gwyneth,
Effie,
Jonquil,
Fleur,
Esme,
Aoife or
Freja. But they have a more subtle feeling, not as obvious (in my mind) as
Fay / fe'e.
The Fey spelling makes me think of
Tina Fey, who I love as an entertainer. But I wouldn't want a name which reminded of a single person like that.
Sorry I couldn't be more positive. :-/