> One account of how the new band's name was chosen held that Moon and Entwistle had suggested that a supergroup with Page and Beck would go down like a "lead balloon", an idiom for being very unsuccessful or unpopular.[21] The group dropped the 'a' in lead at the suggestion of [manager] Peter Grant, so that those unfamiliar with the term would not pronounce it "leed".[22] The word "balloon" was replaced by "zeppelin", a word which, according to music journalist Keith Shadwick, brought "the perfect combination of heavy and light, combustibility and grace" to Page's mind.[21]

It certainly doesn't help that in a rock context, "lead guitar" is very much pronounced with a long e! And one could be forgiven for thinking that a formation of flying things would necessarily have one member in the lead position. I'm glad they had the foresight to keep us from being led astray!

Indeed. In which case you would have the lead zeppelin, and the led zeppelins.