I tried playing with mtool (and without mtool). The game doesn't show any text and attempt to translate crashes the game.
I believe this is not the place to have a discussion since it's a request thread (can't remember, my bad). But I had this problem as well and reached the mtool dev as to what to do.
What you should try (it's likely to take more than 1 attempt, so you need patience),
1. Is open the task manager (ctrl + shift + esc), do the normal thing with mtool and the game, look at the game process, see how much memory it's consuming;
2. Next do the normal thing for translation, open the translate tab on the tool, it'll slowly load the game files to get them ready for translation; Look at the task manager and see if the process is starting to use more and more memory without stoping (where it'll eventually crash due to excess memory usage for a single executable, which is around 1,5 gb);
3-1. If that's not happening, just wait and avoid clicking on the game window, eventually you'll be able to translate it and play the game fine,
3-2. If that IS happening you'll have to start over, the secret is that after you open the game through mtool, you don't engage (or engage the minimum amount necessary) with the game window, because the game's made with rpgmaker XP, and that was made eons ago, and it has a lot of flaws.
Even after the translation being done, the game will eventually start using bloating the memory usage again, Idk what triggers it or how to consistenly stop it. But anyone is actually able to put the game through mtool and play.
Edit: Forgot about the not showing text, my bad. With rpgmaker XP games that happens when you play the game without the jap locale on windows region and language configurations. The games made with rpgmaker VX and earlier (not sure if VX, the unicorn one, that happens, but XP and before definitely), if you're not playing with jap locale, even if you extracted with jap locale to get the correct file names, the text will either not show, or appear as blank squares. I don't remember if locale emulator is enough to circumvent having to change your windows locale, I believe it isn't. And with MAC I have no idea what you need to do, I never used that os.