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I've never seen that name before in fact, I'd say it isn't really used anymore in Germany these days or it has always been a rare name, but I'd prononce it more or less the same way as you said, "Lee-oh-bah".
I wouldn't put a stress on the "o" though, but rather pronounce "lio" as one syllable: "Lio-ba" (Taking as an orientation the word "lieb", which is the modern form of "liub/liob").

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And Leoba, I'd pronounce it the same way, but with a clear "lé" instead of the "lee", "Léo-ba"