In fact this has already been done. Check out the Shavian alphabet.
Shaw left money in his will for someone who would concoct just such a
scheme: different characters for each of the 56 or so phonemes in spoken
English. Someone did so and collected. Penguin used to publish a copy of
Androceles and the Lion with English and the Shavian alphabet versions on
facing pages.
I discovered all this when one of my students insisted on keeping his
lab notebook in the Shavian alphabet.
Have a good holiday weekend.
John Cooper, Chemistry, Bucknell University, Lewisburg PA 17837-2005
jcooper@bucknell.edu 717-524-3673