Look at your own iphone screenshots. Does it say IIIico or lllico? I'm not sure if it's important but given the phone font it's a no-go.

illico is definitely more readable than Illico.

Although the 4 straight lines next to each other are also difficult to read. Having a differently shaped letter in there would help readability (people may think it's spelled "ilico").

Also, "illico" seems to be quite an overloaded term if you search for it on google.