I like the suggestions of Fayelle, Faine, and Effie.
I just thought of Falon.. a really pretty name, and to me it kind of combines Faye & Elaine. :)
I think Faine is by far the best option if you have your heart set on a smoosh. Faileen sounds exactly like failing. Not what I would name my daughter.
Combining all the different letters, I think the best option is FINLEY, but here are some more:
Other unusual options:
I knew a girl named Fayne growing up. That may work for you.
I knew this name reminded me of someone and it was Faline!
Originally Posted by sunshine.10
Faileen has the word fail in it. Faline is very close to feline. Fallon and Finley are good alternatives, as mentioned above. Or, just spell Faileen a different way, if you're set on that name. Fayleen doesn't have fail in it :)
In your situation, I would either use Faye Elaine as a middle name or Faine.
Faine is a nice name, with a great meaning and in this case it perfectly combines Faye and Elaine.