Yes, lovey is in the scrabble dictionary

...and is worth 12 points by itself.

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Lovey Definition

noun

An informal mode of address (associated most often with actors and the like).
from the English-language Wiktionary
Used as an affectionate form of address:.
from Free Scrabble Dictionary

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Top Words by points

Points

lovey

11

2 letter words with LOVEY

Points

el

2

lo

2

oe

2

oy

5

ye

5

yo

5

3 letter words with LOVEY

Points

lev

6

ley

6

lye

6

ole

3

voe

6

4 letter words with LOVEY

Points

levo

7

levy

10

love

7

vole

7

5 letter words with LOVEY

Points

lovey

11

Found 16 words in 0.13447 seconds