I pronounce it peh-NEH-lo-pee.
Another vote for [name_f]Stella[/name_f]! I think the slight match with [name_u]Skye[/name_u] fits best since [name_f]Lucy[/name_f] and [name_u]Jude[/name_u] are similar.
I pronounce [name_f]Penelope[/name_f] with a short O, with syllabic emphasis on [name_f]NEL[/name_f].