The CityPaper has an amusing interview with gal of the hour, Miss Emily Flake:
CP: Does the name have any significance?
EF: I like the way it sounded, and "Lulu" was actually a pet name my parents had for me when I was little. It sounded a little sassier and more attractive than I was. And "eightball" comes from the fact that I always wish I was better at pool. I like watching pool even though I'm terrible at it. I like the sound of - I was about to say, 'I just like the sound of balls smashing together.' You're going to print that, aren't you?
And the name has nothing to do with Lulu or Eightball! Can you believe that? Nothing to do with those comic classics. Nothing.