I have heard the name Gottschalk interpreted as "God's fool," which I imagine could have had a positive connotation in the Middle Ages. According to Google Translate, the meaning of the German word "schalk" currently includes mischief, rogue, joker, jester, and so on.
Pronounced GOT-shulk. Not used as a first name in Germany anymore but well-known as a last name especially through its famous bearer Thomas Gottschalk who is a very popular show host in Germany. [noted -ed]