I thought AIL-red, as well, but the second syllable wasn't quite so pronounced. I can actually imagine it sort of slurring into AIL-erd. If it's either of those, I don't care much for it. I can imagine it going to a giant or something in a fantasy novel. Aelred the Giant. I wouldn't mess with that guy.
It obviously has an old world feel to it. I think it is neat to bring back historic/rarely used names. It is a very strong name and just like Alfred I think people would likely give someone with the name Aelred the nick name Red. Which I find quite fun. As for the pronunciation I am a retard when it comes to that, so I would sound it out and say AIL-red like most of the others, but you could pronounce it ELL-red which I like better than ALL-red.
I wouldn't presume to know how it's pronounced because it looks like it comes from another country or something. But AYL-red or El-red if I have to guess.
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i dont really like the sound of it though
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