This is my name, and its unusual spelling has grown on me over the years. It's a bit harsh to say it's a terrible name, just because it's not spelt the same way you're used to. Many names we use these days are misspellings of old ones. It can also be a good conversation starter.
I had a friend called Rachael growing up, and this is how she misspelled her name as a five year old. It also reminds me of how I used to spell Michael as Micheal when I was the same age. This name is a spelling mistake. Stick with Rachel (my favorite version) or Rachael or Rachelle if you MUST spell things "uniquely".
Good grief, this is the worst. People, stop murdering the lovely name Rachel - if you like it, use the R-A-C-H-E-L spelling, not R-A-C-H-E-A-L. It is very wrong.