I can see both sides of the argument. On the one hand you don't want the child confused who will be growing up looking at the name and learning how to spell it but at the same time it is a decoration not a spelling unit.
I would probably give the name with the just the letters done and give the "v" with a piece of peel and stick mounting tape on the back the family can add or leave off as they choose. They may want it on now but off as child gets old enough to recognize name and then she may want it back on as she gets older and understands how the word "love" is part of her name.