What is the translation of "Praised", meaning "one who is praised/praised one", in OE and ON?

You could have just added this to your existing topic.

I think "praised" would be lofaðr (Runic: ᛚᚮᚠᛆᚧᚱ, or ᛚᚢᚠᛅᚦᚱ) in Old Norse.
I'll let Talib &/or Kietl deal with Old English, since they seem to be more knowledgeable on that.

This is a little tougher...since, as far as I can tell there isn't a specific word for "praised one". Instead, there seem to be a variety of ways this meaning could be expressed.

If, for instance, we translated it literally as "one who is praised" maybe a compound like hered-man or gehered-man might work (hered/gehēred/gehiered being forms of the past participle of herian "to praise")...? Unfortunately I'm not much versed in the rules of OE compounding.

Couldn't you just use the past participle, like we do in modern English?

Not really. No more than you could say "a praised" in Modern English (although you could say "the praised", in reference to some plural noun that is omitted--"praised" would still be a modifier though, rather than a noun).