This probably won't help, I checked FindAGrave in case you hadn't done so. There is a William Bailey there approximately the right age, but no son Leon is listed. However, you can click in the left column to see other Baileys in the county or state. If he's passed he may not yet have a memorial there.
http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GSln=Ba...;

If you haven't already, do a search in the 1940 Census for that area.