'Tis shame that I interject with so minimal knowledge but 'twould be worse to ignore or abjure all rational possibilities.
The choice of the townland was excellent as to the Mulharney supposed ending, emphasis on supposed, but it ignored the more certain first part "Lough" totally.
With a broad knowledge of how writings become warped, I will suggest as a better choice:
Loughmacrory, a small village in Tyrone, perhaps back then written with a more Gaelic spelling. Lough was certainly part of the original name (in that it is rare to be part of a birth place name and certainly should not have been added by mistake) and I have several Mac middle names slaughtered by the time they get to the last syllables, even in American family Bibles where it is hard to convince the family that whatever was written there might be misspelling due to any number of causes.
Additionally as one of many other misspelling, all my Wylie gals who went west from SC were more likely to become claimed to be of Wiley maiden name rather than stay Wylie gals, which they were from the moment upon a ship's roster they did appear.
Thus I claim to solve this puzzle it is best to find names that are like Loughmuhhhh... and that is the only one I have unearthed for County Tyrone.
With my 'umble respects.
KinMapper

PS See more at
http://en.wikipedia.org/wiki/Loughmacrory