Re: Philippa and Penelope
Philippa (this spelling) is one of my favorite names as well, and I love the combo Philippa Iris. My stock combo is Philippa Sage--it seems like Philippa goes well with nature names. :-)
Penelope is also quite pretty, but I feel like since it's a name with so much going on, it needs a more understated middle name. It's one of the cases where I think a "filler" middle (Anne, Lynn, etc.) name would actually be fine.