One explanation for this place-name that has been tentatively suggested is that there was possibly an underlying Baile Bláthach "townland abounding in flowers". This is quite reasonable given the nature of much of the evidence.

However, there are a number of historical forms in -ble- such as 'Ballebleaghe', which suggest that the underlying Irish form may have had a palatal -bl-. The palatal nature of consonants in Irish was more often than not lost in anglicisation, and therefore it is reasonably common to find some historical anglicised forms of a place-name that reflect palatalisation (such as 'Ballebleaghe') while most others don't (such as 'Ballyblaugh'). In light of this, one might suggest an alternative underlying form such as Baile Bleathach.

The word bleathach can mean "a bag of corn" (Dinneen), in which case Baile Bleathach could be explained as meaning "town(land) of the (bags of) corn". (Note also the related words: bleathach “having power to grind”, bleitheach “a quantity or portion of corn sent to a mill”; cf. Ceathrú Bhleitheach/Carrowbleagh (#44816) in Sligo). It would be interesting to establish whether there was ever a tradition of milling in the area.

(see http://www.placenamesni.org/resultdetails.php?entry=17369)