The pet names Elspey and Elespy for Elizabeth/Elspeth have been found by a correspondent [MT] on memorial inscriptions and in parish records in the parishes of Saddell and Skipness, Argyllshire, Scotland. We think this is probably where the old character for "th", the "thorn", has been transcribed as a letter "y".
[Compare with the use of "ye" for "the" in folksy inscriptions.]