Briallen, you really should get a copy of
Irish Names by
Donnchadh Ó Corráin &
Fidelma Maguire, evidently one of the most accurate books on the origin of names which go back to medieval times in
Ireland. :) They include Líobhan as another spelling of Lí Ban or Lí Bhan, which they say did indeed mean "beauty of women". They say the original Lí Ban was the wife of Lúathlám in the ancient "Ulster tales."
As for the name, I'm afraid its pronunciation is too close to the word "leaving" for me to think it's a good name for a modern child.