It reminds me of the TV show Mama's Family (
Iola Boylen is the main character
Thelma's quirky neighbor) because I've never heard it anywhere else.
It also makes me think of purple (connected to
Viola and
Violet but sounds less like 'violate', which is something that bothers me about those) and powdery perfume...I could see it as spunky, too...
It's not something I'd use, but I kind of like the idea of meeting a kid named
Iola.