Absolutely. Although as a programmer and someone who reads mathematical papers I'm not sure how much of a benefit this would be. The hard part in understanding isn't any particular step, its comprehending how each step fits together as a whole. I don't immediately see how the translation would help this.
I feel the same way. In fact, reading math feels like reading code where all the operators have been overloaded and there are only 26 available variable names.
Yeah, there's no doubt a benefit in reading a concept in a language you're more comfortable with. It would have to be an interesting algorithm that could extract meaningful variable names from the surrounding prose when translating an equation to code :)