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Naw, Penny's too cutesy as a full name. It's a wonderful nickname, though. Some other names you could use as full names if Penelope's not your taste:
Polina - I know a girl named this who's called Penny
Pauline
Paulina
Pascaline
Parthenia
Paolina
Pernilla
Petrina
Petrona
Petunia
Polona
Prudence
Prunella
Prosperina
Petronilla
Pernel

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On spelling: Pennie is infinetly more cutesy than Penny, doubling that problem (it's cutesy even as a nickname) and it looks wrong to me. When I look at it, I mentally red-pen it so it reads "Penny". Plus, Penny looks classier and smoother to me. I think Penny is the way to go. But it doesn't really matter, if it's a nickname, which way you prefer, since the kid usually chooses how to spell their nickname if there's a choice involved.