Hmm... that would work to a limited degree, and I do use that where I can. But not all names can feasibly be translated in such a manner where they don't sound completely strange.
To use real names to demonstrate this -
John, for example, translates into "God is gracious", which would be a problem. My own name translates into "Lily", "rose", or "lotus", which wouldn't be too difficult. Raymond translates into "protecting hands", and Fredrich as "peaceful ruler". Davison would be "Son of David", and "Alfred" would be "elf council" near as I can figure.
Names can have meanings that wouldn't necessarily translate well into something easily used: And so it was, Protecting Hands and Peaceful Ruler came into the Son of David Town...
It's a good workaround for some things, but not character names for the most part.