Thee would be used to address someone very formally or in a demeaning way if you do know them.
Thee and thou are older than the Elizabethan time, they actually started dying out in the 1600s.
The pronunciation of “thou” was different in different parts of Yorkshire. In [what is now] West and South Yorkshire, it is often spelled “tha” in dialect writing. In the more rural remainder of Yorkshire where I am in the North Riding, it is often spelled as “thoo”. In phonetic terms: West and South Yorkshire ða other parts ðuː
“Thee” and “thy” often sounded the same when unstressed as ðɪ. However, they could be distinguished when stressed as ðiː and ðaɪ (or ðaː in some bits of Yorkshire).
Listen here to the North Riding dialect.
Listen - Yorkshire Dialect Society