Although I couldn't find it anywhere, Librams are definitely a take on the word "Liber" in Latin, which means book, two of the different possible conjugation are "Libro" (current Italian word for Book) or Librum/Librem
The correct pronunciation is "Lee-Bram" and definitely not the same as Library
Some influence from "liber" seems obvious, but the Latin declination of "libram" would mean "libra" (scales) as base word. "Librum" as suggested in the blog post would be closer and could indicate some bastardisation, potentially as "librum - libram" sound similar.
But yeah, English isn't consistent at times. Just think of read-read-read.
When I was but a young lad, my primary school teacher taught us that when you pronounce words, you look at where the vowels are relative to the consonants to determine which sound you make for each letter. Of course, this is english, so it's inconsistent and breaks all its rules all the time... HOWEVER...
Because "libram" has two consonants between the I and the A, the "i" sound should be the short version. So it should sound like "ih" instead of "eye".