I think I'm a little too old to immediately associate it with Wizards of Waverly Place. In fact, I would not have even remembered it existed if you hadn't said anything. I associate it more with the
Nancy Drew game; Warnings at Waverly Academy so... I guess I also associate it with a school (is Waverly Place a school??)
I like it though, but wouldn't use it myself. It's more of a middle name option for me than a first
Even if people associate it with the Disney show, it isn't a negative association so I wouldn't worry about that.
I think it goes better with long fancy-sounding feminine names (I dont' think its masculine sounding at all)
Waverly
Elizabeth Waverly
AlexandraWaverly
Anastasia Waverly
Tatiana Waverly
Dominique
I'm not sure what it goes best with as a middle name, I'm not in a position to look for names for examples. I feel it might be best with shorter names maybe