[jdf writes]
> Erhapspay isthay ouldway ogay ellway inway away ipepay ithway
> banner(6).

pig.simple

#!/usr/people/walker/bin/perl -p
s/\b(?:(?-i)([b-df-hj-np-tv-z])|([B-DF-HJ-NP-TV-Z]))([b-df-hj-np-tv-z]*)([aeiouy])(['a-z]*)/$2?uc(substr $4,0,1).(substr $4,1).lc "$5$2$3ay":"$4$5$1$3ay"/geieio;