I found a solution which resolved my problem. The function below converts each character from Cyrillic to it's equivalent Western characters. The names get quite accurately converted using this function.
When characters where replace I could use the utf8_decode() to convert it to iso-8859-1.
function do_translit($st) {
$replacement = array(
"й"=>"i","ц"=>"c","у"=>"u","к"=>"k","е"=>"e","н"=>"n",
"г"=>"g","ш"=>"sh","щ"=>"sh","з"=>"z","х"=>"x","ъ"=>"\'",
"ф"=>"f","ы"=>"i","в"=>"v","а"=>"a","п"=>"p","р"=>"r",
"о"=>"o","л"=>"l","д"=>"d","ж"=>"zh","э"=>"ie","ё"=>"e",
"я"=>"ya","ч"=>"ch","с"=>"c","м"=>"m","и"=>"i","т"=>"t",
"ь"=>"\'","б"=>"b","ю"=>"yu",
"Й"=>"I","Ц"=>"C","У"=>"U","К"=>"K","Е"=>"E","Н"=>"N",
"Г"=>"G","Ш"=>"SH","Щ"=>"SH","З"=>"Z","Х"=>"X","Ъ"=>"\'",
"Ф"=>"F","Ы"=>"I","В"=>"V","А"=>"A","П"=>"P","Р"=>"R",
"О"=>"O","Л"=>"L","Д"=>"D","Ж"=>"ZH","Э"=>"IE","Ё"=>"E",
"Я"=>"YA","Ч"=>"CH","С"=>"C","М"=>"M","И"=>"I","Т"=>"T",
"Ь"=>"\'","Б"=>"B","Ю"=>"YU",
);
foreach($replacement as $i=>$u) {
$st = mb_eregi_replace($i,$u,$st);
}
return $st;
}
Reference: http://php.net/manual/en/function.mb-eregi-replace.php