I don't know the details of how aspell works, but it looks like it has its word lists in some binary format and not as simple text files. I believe you are looking for a file called cy.cwl.
I downloaded the tar.gz file from your launchpad link, decompressed it and ran ./configure and then make:
$ wget https://launchpad.net/ubuntu/+archive/primary/+sourcefiles/aspell-cy/0.50-3-6.2/aspell-cy_0.50-3.orig.tar.gz 2>/dev/null
$ tar xvzf aspell-cy_0.50-3.orig.tar.gz
aspell-cy-0.50-3/
aspell-cy-0.50-3/doc/
aspell-cy-0.50-3/doc/gpl_1.0.txt
aspell-cy-0.50-3/info
aspell-cy-0.50-3/cy.multi
aspell-cy-0.50-3/README
aspell-cy-0.50-3/configure
aspell-cy-0.50-3/Copyright
aspell-cy-0.50-3/cy.dat
aspell-cy-0.50-3/cy.cwl
aspell-cy-0.50-3/welsh.alias
aspell-cy-0.50-3/Makefile.pre
aspell-cy-0.50-3/COPYING
$ cd aspell-cy-0.50-3/
$ ./configure
Finding Dictionary file location ... /usr/lib/aspell-0.60
Finding Data file location ... /usr/lib/aspell-0.60
$ make
word-list-compress d < cy.cwl | aspell --lang=cy create master ./cy.rws
The command printed by make looked like it was decompressing (d) something and then passing it to aspell to create the cy language entry. And, indeed, running the first part of the command printed out the Welsh dictionary:
$ word-list-compress d < cy.cwl | head -n30
'ch
'i
'm
'ma
'n
'na
'r
'th
'u
'w
Aberdaugleddyf
Abergwaun
Aberhonddu
Abermo
Abertawe
Aberteifi
Adda
Adfent
Affrig
Ahasferus
Aifft
Ailfedyddiwr
Ailfedyddwyr
Alban
Albanwr
Albanwyr
Almaen
Almaenaidd
Almaeneg
Almaenes
So, either do what I did above, or just locate cy.cwl on your system, and then:
word-list-compress d < cy.cwl > welsh.dict