I was able to run a MTL on it after unpacking all the files. But its pretty horrid to the point its pretty much unreadable. I haven't played too far into it but it hasn't crashed yet. Anyone can do it though if they wish. I believe the file posted on the first page a few replies down has all the rgss files unpacked so anyone can do it with Translate++. Keep in mind that it took a while for it to open it and then do the translation. Like over 30 minutes each. And when you apply the translation be sure you make a copy of the scripts file in the data folder. If you try to translate that it will break the game.
I'd rather see someone with better Japanese skills try to do this though but I was going to try to clean up some of the english myself in my free time so it was atleast readable without hurting my brain. Don't hold your breath though, if I ever finish it I will put up my results if people want it. Hopefully someone will do a proper version before it comes to that.