English would be a difficult language for a similar concept, because most commonly used words are one syllable.
Maybe -> be-may
ghost -> osteugg
money -> ney-mo
It's impractical, because most words have monosyllabic shortcuts already.
Money -> Cash
Woman -> B..., etc etc
Drugs, man, guns, cops, ... You see? It's very hard to disguise.
The pig-latin, in fact, is probably the best equivalent there is (I can't understand pig latin at all, it's really a new language because of its odd word-creation rules).
"That time in Seattle... was a nightmare. I came out of it dead broke, without a house, without anything except a girlfriend and a knowledge of UNIX."
"Well, that's something," Avi says. "Normally those two are mutually exclusive."
-- Neal Stephenson, "Cryptonomicon"