I received a lovely quick note from a Guernseyman named de Mouilpied. He confirmed the name translation to "of wet foot". He also said that he, and assuming most de Mouilpieds still on the Mother Island, pronounces the name "du mul pee-ay".
So there you have it, live from a Guernseyman on how to pronounce de Mouilpied. Sounds romantic, doesn't it?