Do "read" and "lead" rhyme?

They do, to me anyway. You pronounce both differently and both are fine.

What if you read it as "red" and "led"?
Like- I already read that book. I READ a book. Or blood is "red"?
Or "lead" is 'I led the troops to victory!' or 'I will beat you with a lead pipe!'
This is not a serious question. It's just something that came into my brain at the moment.
The way I pronounce things, both of them are OK
