I would advise against a 1-1 correspondence:
With base-64 encoding you will only be able to decrease the input to (4/8)/(6/8) -> 4/6 ~ 66% in size (and this is assuming you deal with the "ugly" base64 characters without adding anything new).
I would likely consider a (secondary) look-up method to get truly "pretty" values. Once you have this alternate method established, choosing how to generate values in that range -- e.g. random numbers -- can be free of the source hash value (because correspondence is lost anyway) and an arbitrary "pretty" target-set can be used, perhaps [a-z][A-Z][0-9].
You can convert to the base (62 above) by simply following the divide-and-carry method and a look-up into an array. It should be fun little exercise.
Note: If you choose the random number from [0, 62^5) then you will get a value that will completely pack the encoded output (and fit within 32-bit integer values). You can then perform this process multiple times in a row to get a nice multiple of-5 result value, such as xxxxxyyyyyzzzzzz (where x,y,z are different groups and the total value is in the range (62^5)^3 -> 62^15 -> "a huge value")
Edit, for comment:
Because without the 1-1 correspondence you can make truly short pretty things -- perhaps as "small" as 8 characters long -- with base62, 8 characters can store up to 218340105584896 values, which is likely more than you will ever need. Or even 6 characters which "only" allows storage of 56800235584 different values! (And you still can't store that number in a plain 32-bit integer :-) If you drop to 5 characters, you once again reduce the space (to just under one billion: 916,132,832), but now you have something that can fit in a signed 32-bit integer (albeit it is somewhat wasteful).
The DB should ensure no duplicates, albeit an index on this value will be "fast-fragmenting" with a random source (but you could use counters or whatnot). A well-distributed PRNG should have minimal conflicts (read: retries) in a large enough range (assuming you keep the seed rolling and don't reset it, or reset it appropriately) -- Super 7 can even guarantee NO duplicates during a cycle (of only ~32k), but as you can see above, the target space is still big. See the math at the top of what maintaining a 1-1 relationship requires in terms of minimum encoded size.
The divide-and-carry method just explains how to get your source number into a different base -- perhaps base62. The same general method can be applied to go from the "natural" base (base10 in PHP) to any base.