I like this very very much... as a middle name only! It would be extremely strange as a first name, it would most likely made fun of. I do like the sound and the meaning is great, especially because it reminds me of where I grew up, a place with some of the oldest/largest trees in the world. Nathanael Elwood would sound good with my last name!
I don't think this would be a good name for child--why? He would be mocked for having the word 'wood' in his name once he hits the Middle School/High School, and especially mocked about L shaped wood.