Sometimes this is done, as in this very article, but that is because I am discussing transliterations in relation to Anglicized forms of ancient names. While in English the Hebrew yod or "y" sound can be represented, the practice of making foreign words English predominates our usage and they become the best, ongoing means of accurate representation and communication with other English persons. Anglicized forms of names such as "Jesus" and "Jehovah" are far more familiar to us (and within the range of accurate representation) than either Yehoshua' / Yeshua' or Yehowah, and that is true for most other Anglicized forms of ancient biblical names in comparison to their transliterated forms.
Better it is, I think (in English), to continue to use primarily those forms of ancient names provided by the process of accurately making accurate forms of ancient names a part of our own language through Anglicization. This way, too, more people who may not yet know much or anything about transliterations or about the pronunciation of transliterated characters can still be comfortable in their own language when regularly speaking ancient words to others.