I remember watching Real Housewives of New York and one of the women has a son named Noel and she said his name exactly like I would pronounce Noelle (and how you describe pronouncing Noelle).
I've heard Noel said like Noelle a few other times (on Americn tv shows) but I haven't heard Noel said like Nole. I guess that's why I'm under the impression that there is no distinction between the two names.
* Ellen * Astrid * Eira * August * Isidore * Emmanuel *
but she wants to be sure 'cause you know sometimes words have two meanings