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IMHO Effie is not really a natural nickname for Stephanie. Fannie is more natural than Effie. It also seems artificial / affected to me, because it should be fairly obvious that Effie was mostly considered a frumpy old-lady-name at the time you were born, but it is more fashionable seeming today. So, no, I wouldn't if I were you, unless it is purely for theatrical / pseudonymous purposes and people wouldn't call me Effie to my face.

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Personally I think Stevie is cool, and Stephanie itself is too, and Stephanie does not really need to be shortened anyways.