The requirement is that there is a outside application which will get the content maintained in CMS. We want to expose a RESTful HTTP service in CDA for it to consume. Our CDA is based on DXA1.4.1 (Java)
You could put a .Net WebService like WebApi 2 or ServiceStack in front of a Core Service app to get the Component XML. Also, note that the native CoreService xml methods do not expose the Component Metadata. As far as looking up items by name, OOTB Tridion has the internal Solr search engine - but I'd probably look @ persisting the Component Name, URI, and any other data to another data store (NoSql, Redis, ElasticSearch, etc) and then having your code get the URI for an item, then use CoreService to get the XML.
If you're looking for an approach on the Content Delivery side, then I would suggest publishing JSON / XML to the Broker DB. If you want to build your own DSL for content-consumption, then you might want to take a look at a Tridion Custom Deployer a colleague wrote that deploys to MongoDB (JSON) and Amazon S3 (Binaries). The Tridion 2013 source is here: https://github.com/aeyckerman/tridion-camel-extension