The main thing I like about this name is the sound. It's kind of like a Paisley-Peyton-Kaylee smoosh. Considering how popular these three names are (in 2015 they were #45, #72 and #61 respectively in the U.S), I'm a little surprised more people haven't jumped behind this one yet.
With almost 20 different spellings of Paisley recorded by the SSA in 2015, a lot of people have no problem with a creatively spelled name. Admittedly, this is probably not how I personally would choose to spell this name though.
Mae and Rae may be gaining popularity as alternatives to May and Ray, but I just can't see Pae finding favour with many people.
The two versions that did chart in 2015 were Pailey and Paylee. Both were given to just 5 girls each - placing them in the 18,000's, a long, long, long way from the top 100 - and only Pailey has already charted in previous years. But I personally don't find these to be very elegant either. I'd tentatively say that Payleigh might be the way to go. So maybe this illustrates why Paeleigh hasn't caught our attention before - it has a currently stylish sound, but it's difficult to settle on an appealing-looking spelling for it.
And it does seem to be a modern invention, as you'd be hard pressed to find a meaning for it online. So if a solid history of use; an established and attractive spelling; and a solid meaning is important to you, then this is not the name for you.
But still, as someone who personally likes the names Paisley, Peyton and Kaylee, the sound of Paeleigh really draws me in. Its just so cheerful feeling; so happy-go-lucky. If I was introduced to one I'd definitely compliment them, and be very intrigued to see what spelling they settled on.