I can see the appeal of this -- not creating new and slightly annoying space words that people have to ask about or look up to follow, but creating English equivalents (c.f. "Kador's balls").
The issue I'm encountering in thinking of the RL languages I'm familiar enough with is that anything that would be translated directly, i.e. isn't just shifted to "fuck", "shit", etc., sounds kind of archaic or quaint. Whether that's a good thing depends on the character using it, I suspect.
The majority of stuff I can think of doesn't really translate well, though; might it be possible that a lot of the swearing in EVE would get the same treatment?
-"¡Joder! ¡¿Es menester que siempre digas tantas gilipolleces?!" (Castillian Spanish; roughly "Fuck! Do you have to constantly talk such bullshit?!". South American Spanish does different things with its profanity that are largely lost on me.)
-"Mon câlice de char m'a coûté 700 maudits livres à réparer: tabarnak d'ostie de ciboire de technicien!" (Québécois that mightn't be 100% accurate; they're big on stringing together religious phrases that don't have an excellent translation. Lit. "My chalice of a car cost me 700 dollars to fix; tabarnacle of a host of ciborium of an engineer!"; idiomatically maybe "My bastard car cost me 700 dollars to fix; motherfucking wanker of an engineer!"?)
-"Czyś napierdoł się znowu, jebaku? Do kurwy nędzy! Bez tych pieniądze nie możemy płacić za matki cholerny dar!" (Polish; grammar mightn't be spot on, but the swearing's fine. Lit. "You got drunk again, fucker? Until the whore's poverty! Without that money we can't pay for mother's cholera-ridden gift!"; more idiomatically "You got fucking wankered again? For fuck's sake! Without that money we can't pay for mum's motherfucking present!".)
Point being, I guess, sometimes sticking to the established English ones might be preferable, both in terms of "realism" in translation and for the sake of easy comprehension.