Yes, it would be /e.e/. I have no idea whether, if someone were going hardcore about it, it would be realized as [e] or [ɛ] though. I wouldn't be surprised if, when people were actually bothering to speak Ecclesiastical Latin, the entire word were just realized as [e] in fast speech.
If I ever bother to go to another Latin mass I'll try to listen to see what the priest does.
Most men are rather stupid, and most of those who are not stupid are, consequently, rather vain.