Malvolio is a name I might use someday in a story. It doesn't sound as unpleasant as its meaning. Actually, it sounds a little funny. (But isn't it a little funny that in one play, Shakespeare has a character called Malvolio, and in another one, there's a character called Benvolio, which I think means the opposite?)
Come on now, the name even sounds like 'malevolence' or 'malevolent'. And it's the name of a mean character. It's an ugly name, and it sounds a bit like Beavis' alter ego The Great Cornholio that he always thought he was when he had had too much coffee or sugar.