New evidence confirmed that Elizabeth (Riley) Penny was the daughter of Jonathan M. Riley Jr. and Naomi Poe based on finding her actual death record versus index.
I believe that John W. Riley and Sarah Elizabeth Conroy's daughter could be Elizabeth "Lizzie" (Riley) Gray or Elizabeth Riley, of which no further details are known. I found Lizzie and her son attended the largest gathering of descendants of Gerrard Riley.
For this reason, I will create a new Elizabeth Riley b. 1826 in Ohio as the daughter of John Wright Riley and Sarah Elizabeth Conrey, for which only the 1850 census can be related.
Elizabeth (Riley) Penny, b. 28 Feb 1826, died 17 Feb 1909 in Mt. Orab, Brown, Ohio, who married William Penny, is a different person, and confirmed as the daughter of Jonathan Riley Jr. and Naomi Poe, and is of a completely different unrelated Riley line.