Is Devanagari ल्लाँ ambiguous?

[Richard Wordingham]

(Sorry if this is a duplicate - I'm experimenting with domain names as
the Unicode list via unicode at unicode.org is taking over 5 hours to
respond and may in fact be out of action.)

Is this Devanagari akshara ambiguous between "l̐lā" (with a nasalised
first consonant, as in Sanskrit) and "llā̃ " (with a nasalised vowel, as
in Hindi)?  If I understand correctly, the ISO 5919 transliterates the
first reading as "m̐llā", or "m̐l lā" if one is splitting words
combined by sandhi.

Richard.