That's what high-level BLD solvers do, but I think most of them learn them over time just by doing a lot (lot) of solves, rather than actually trying to sit down and memorize them as one would do with algorithms. Don't take my word for it though, I don't practice BLD often.
Yeah, as Aerma said, just doing a lot of solves made pairs form in my head, many of which where bad, in which case you can refer to the link Skittleskp provided. But memorizing a list doesn't work all that well, I tried. It works but not good,
For me it was totally worth it. It took a lot of time to create a good list and to learn it afterwards, however, transforming a letter pair to an image and vice versa becomes super fast. This was something I was spending a lot of time on in the beginning which was very frustrating. Right now, I am very happy that I did it.
Please note, that I decided to create a full list when I was only one month into blindsolving. So I don't really know whether this automatic forming of words after many solves would have worked for me.
Edit: You should also evaluate how serious you are going to be about blindsolving. If this is just a casual thing, i.e. you want be able to do 3BLD and maybe small MBLD attempts, I absolutely don't recommend putting in the effort to create such a list. You will make much more progress by just practicing.
I was actually surprised how well it worked when a used an anki flashcard app. It basically shows you letter pairs more often that you mess up a lot. But it also makes sure that you see all pairs every couple of days. Using this, I was able to learn my list of almost 600 pairs in three weeks with ~30 minutes a day. I expected it to be much harder.
Yeah, I'm learning 3-style starting with intuitively coming up with commutators, so I'd say I'm serious about becoming good or at least learning the necessary skills to be good at blind.
After getting comfortable with letter pairs, and making a whole list of PAO for letter pairs, we can move onto letter quads, and start making a system for it.
After getting comfortable with letter pairs, and making a whole list of PAO for letter pairs, we can move onto letter quads, and start making a system for it.