More from OED
lieutenant. Forms: _. 4_5 lutenand, -a(u)nt; 5 leu(e)-, leu_-, lyeu-, 5_7 lieu-, 6 lyue-, liue-, lieue-, leaue-, lew-, 7 leiu-; 4_7 -tenante, -aunt, 5_6 -aunte, 5_7 -ant, 6_7 -ent, -tennent, -ante; 6 Sc. lewtennand, 4_ lieutenant. _. 4 leef-, 4_5 leyf-, lyef-, 4_6 leve-, 5_6 lyff(e-, 5_8 lief-, 6 lefe-, lyffe-, lyve-, lieuf-, 6_ 7 live-, liefe-, leive-, leif-, 7 liev-, life-, + second element as in _; 5 luf-tenand, luff tenande, 6 leftenaunt, -tennant, -tenant.
[a. F. lieutenant, f. lieu place + tenant holding (see tenant); cf. locum tenens.
The origin of the _type of forms (which survives in the usual British pronunciation, though the spelling represents the _type) is difficult to explain. The hypothesis of a mere misinterpretation of the graphic form (u read as v), at first sight plausible, does not accord with the facts. In view of the rare OF. form luef for lieu (with which cf. esp. the 15th c. Sc. forms luf-, lufftenand above) it seems likely that the labial glide at the end of OF. lieu as the first element of a compound was sometimes apprehended by Englishmen as a v or f. Possibly some of the forms may be due to association with leave n.1 or lief a. In 1793 Walker gives the actual pronunciations as, but expresses the hope that _the regular sound, lewtenant' will in time become current. In England this pronunciation is almost unknown.
1. a. One who takes the place of another; usually, an officer civil or military who acts for a superior; a representative, substitute, vicegerent.
1375 Sc. Leg. Saints xxxi. (Eugenia) 40 To quham_Þe hale senat gef Þe cure of Alysandir Þe cyte Þar lutenand Þar-of to be.
1375 Barbour Bruce [MS. 1489] xiv. 139 Schir Richard of Clare, That_luf-tenand Was off the king of Yngland.
1387 Trevisa Higden (Rolls) VIII. 143 Hubert archebisshop of Caunterbury was leeftenaunt [v.rr. lutenant, levetenaunt] of Þe pope and of the kyng