I believe this is no longer necessary, as the underlying problem has been fixed in a different way: Nowadays, we will adjust the location size to beforeOrAfterPointer() if the pointer is not loop invariant. This makes merging results translated across loop backedges safe.
The two tests in phi-translation.ll show an improvement while still being correct: The loads in the loop no longer alias with noalias pointers, but still alias with the store in the entry block (which they originally did not -- this is the bug that PerformedPhiTranslation originally fixed).