Now, when you pronounce waw in YHWH as v, syllable-final guttural hey is no problem (I don't suggest that pronunciation, just following your example) if you distinctly syllabify the word, yh.vh or even yh.(bh)h. When, however, you use soft w-u, such stop is almost lost, and hey disappears.
Since, however, hey does not take schwa, hey was vocalized, and yeh.wa became ye.ho.wa.
When sheva under a guttural consonant becomes vocalised, the vocalisation is always a composite sheva and always matches the preceding vowel. So there is no way that an "o" vowel, or any kind of long vowel like the holam often postulated, could have found its way into the divine name by this kind of process.
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