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I adore Winifred. Since it comes from Gwenfrewi, which contains elements meaning "white, fair, blessed" (the Gwen part) and "peace" (the latter part), technically, a "Gwen" name and a name meaning, or symbolizing, "peace" could be an approximation of Winifred. Something like Gwendolen Irene or Gwen Olivia? Wendy is another idea; it has some of the sounds Winifred has and has an old usage possibly related to the "Gwen" names.

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Personally, I would use Winifred as a middle name if honoring was really important, especially if Winifred is living and unlikely to view an approximation as an honor.