Is Monkey D. Luffy named after Sun Wukong?
I don't think so. The novel is called Journey to the West, and Monkey is the name of a translation into English that became popular that shifted more of the focus onto the Monkey King, Sun Wukong. 

It is possible, but Goku was literally given the Japanese name of the Monkey King and had the ability to change into a Giant Ape and the magical staff of the Monkey King, whereas for Luffy it is just his family name, that he shares with Garp and Dragon. 

I don't think he is named after this story, there are many stories in the Far East about a handful of animals such as monkeys, dragons and tigers, often the monkeys in the stories will have similar traits, like being playful and strong.

Many characters in One Piece have animal themes, notably the original Shichibukai and Admirals, and they all act/appear in a way that suits their animal to some extent, Mihawk hunting Krieg in his first appearance, Doflamingo being flamboyant. 

I think Luffy was just given the name Monkey to highlight his monkeyish characteristics.