I hate to be a nancy downer, but I think the quality of the existing patch is good enough. I remember playing through this years ago and being quite captivated by the story. It could use some fixing up for word wrapping and a few untranslated bits, but the English itself is highly edited MTL level (line by line) which is generally better than GPT.
I personally think dazed can translate other games instead of one that has a playable patch already, but you guys can obviously do what you want.