[DanielStraight]

This is a clever idea. I really don't want this to come off as discouraging because I love stuff like this.

That said...

This shows the limitations of relying on orthography as a proxy for phonetics, especially in a language like English where the spelling is such a disaster.

In my mind, "eoptoesw" and "quwyh" are not pronounceable as English.

And is "twutinn" pronounced too-tin or am I supposed to pronounce the "w" somehow? And if I remember my password is too-tin, how do I know it wasn't spelled tootin or twotin or twotinn or tutinn or tutin or...

At the very least, you should consider which consonant clusters can occur at the beginning, middle and end of words. They can't all occur everywhere. Then I'd try to eliminate as many homophones as possible. That might get you a lot closer to truly pronounceable and non-ambiguous passwords.