Yes, Elizabeth is a good name, because it has many nickname options - Liz, Beth, Betty, Betsy, Ellie.. Of course my sister-in-law is Elizabeth, and she wants to be called Elizabeth these days, but she's always been called Betty and she can't get anybody to change!
Funny, we have 2 kids and just last night, hubby was saying he wished we'd had more! So they are a LOT of work now, but you'll probably be glad down the road!