Hi 3 Mark,
did an extensive search of all the area in the Diocese of Cork & Ross for Michael & Joan and still only found 3 children baptised and no marriage between 1800 - 1870. The three children were Denis 10th Jan. 1838, Kate 11th May 1842 and Michael, 21st Oct. 1823.
I am attaching below a page from an address database which I created in my former career as Fire Officer for the area and which gives three spellings for the Townland. It is as you suggested that due to mispronounciation of the word or misunderstanding of the hearers, it could have been taken as being Clonakilty.
I find it strange, given the spread of years from the first child found in 1827 to the last found in 1842, that there are no further children in the intervening years and feel that either there are missing records in the Parish or that the records were unreadable which is not uncommon. If you have the names of the other three children, it might be good to publish them here so that further searches could be done more specifically. It is also a little strange that there is no record of the marriage of Michael & Joan to be found in the area and may also suggest a loss of recvords or the records not being available before 1827.
Hope this has been some help.