Unfortunately, that is not the case the X in pinyin is basically equivalent to how english speakers say 'sh.'
Regardless, making initials requires one take the 1st letter of each name.
In fact, I disagree. Wade Giles probably only makes sense to portuguese speakers. Aside from a few consonants (x, c, z, and h after a consonant), pinyin is much closer to how it should be pronounced. Do you think an english speaker has a remote idea of how an aspirated consonant should sound vs. an unaspirated one. That alone is the reason that most english speakers reading Wade Giles don't even remotely come close to sounding like they are speaking mandarin.
For example.
T'ai Chi is pronounced 'tie jee' Tai Ch'i is pronounced 'dai chee' The Ch'i as in ch'i kung ( qi as in qigong, pronounced 'chee'

is not the same as the as the Chi in T'ai Chi (ji as in tai jai, pronounced 'jee'
T'ai Chi was always pronounced taiji if one knew how to read Wade Giles.
While I'm at it, if one knew how to read Wade Giles Peking sounds like Beijing, Szechuan sounds like Sichuan, Mao Tse Tung sounds like Mao ZeDong, etc. It's just that some folks with earlier exposure to romanized chinese are more used to seeing Wade Giles.
Fo