I kind of like this name, but it sounds sinister to me, despite apparently being the name of one of the Magi. It makes me think of dark knights and warlocks, possibly because it kind of reminds me of
Mordred for some reason. I do like that you can get the nickname
Mel out of it without using
Melvin, though.
A bearer of the name is
Melchior Zwyer, a storyboard artist for Generator
Rex,
Young Justice, and Legend of Korra (he also directed a few episodes of the latter). I'm pretty sure he also did some work on animated movies, like Kung
Fu Panda and How to Train Your Dragon. So the name is usable, at least.