What does Lynn mean?
From Welsh 'llyn' meaning 'lake' (also 'pool'). Often also a short form of names like Linda, but the Welsh water sense is well attested as a place-name element.
What does Morgan mean?
From Old Welsh Morcant; the first element 'mor' means 'sea'. The second element is debated (often linked to 'cant' circle/completion or 'geni' born), so meanings like 'sea-born' or 'sea-circle' are offered, but 'mor' = sea is secure.