I couldn't find any credible source except the blog site you have mentioned for proposing change "SHRI LANKA". This could be a some local numerologist's daydream probably.
How do you come to conclusion that this "makes sense" if you are not saying that numerology is right or wrong?
The morons who ruled us in the 1970s named the country as Democratic Socialist Republic of Sri Lanka. Subsequently we became the most undemocratic country.
It would have been more appropriate to name the whole country as "Slave Island"