Yep.... we do the same thing, sort of

DD has my mn and DS has BIL's name as his mn (Scott) because BIL died 10 years ago of stomach cancer and it was in honor of him. Two of the names we are considering for mn's for this one are May (in homage of all the Mary's we have in our families, particularly my grandmother, whom I miss dearly) and Clare/Clair... some such spelling to incorporate my mom's mn of Claire and DH's grandmother of Clara... We've also considered Lane as an homage to MIL, who's mn is Elane.
I like the idea of putting a new/fresh spin on very classic names.