Going by the fact that Leofric in the TV show "The Last Kingdom" (based on "The Saxon Stories" book series by Bernard Cornwell) was pronounced as "LAY-ə-fritsh"... I'm going to guess that Leofdæg was pronounced "LAY-əv-day."
This name is associated with the Middle English name Loveday, a Christian name common in medieval England (which has now become confined to Cornwall, where it still survives in occasional use). It was originally a nickname for a person who had an association with a 'loveday', or it was bestowed on boys or girls on a 'loveday', a day appointed for a meeting between enemies and litigants with a view to an amicable settlement of disputes or feuds, according to medieval custom.
― Anonymous User 8/11/2010
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I always thought this name was a feminine name. [noted -ed]