The word "Mash'al" (مشعل) has two pronunciations. With a fatha (zabar) on the م, it means a lantern, lamp, or light. With a kasra (zer) on the م, it means something used to kindle fire or produce light. Either way, this is a suitable name and it is permissible to use it.
Allah the Almighty knows best.
Darul Ifta Al-Ikhlas, Karachi.
لسان العرب: (354/11، ط: دار صادر، بيروت)
الشعيلة: الفتيلة المشعلة. والمشعل: القنديل.