Hiyo! I'm the translator for this project, and thought I might as well drift over here so I can keep you posted on its progress.
I personally feel the first game is the worst in the series though, however this is still great news none the less 
Worse than the fourth? Shocking!

But yeah, I agree that it's not the strongest game in the series, and far prefer both 2 and 3. I figured, though, that it was better to start from the beginning.

If this one goes well, maybe I'll consider moving onto the others.
However I'm talking about "Sakura Wars: In Hot Blood", which is a remake of the first game on the PS2 and when I say remake I really mean they completely remade it. With a new battle system, new graphics/art work and more story.
It makes the worst game in the series one of the best, at least from what I've heard/seen. Haven’t played it myself since there’s not even a translation guide for the game.
That is one of the reasons I think the remake is most in need of a patch, since all the other games at least have a fairly nice translation guides written for them (which is how I played them).
It's definitely a nice remake.

It's a little... lazy in some ways, though. Most notably the animated sequences. Some of them are redone (and there are some new ones), but others are just left as they were in the original versions. Which would be fine except that they made no effort whatsoever to match the newer movies stylistically to the older ones, so it's sort of got that jarring, Star Wars special edition feel where you have shiny new content pasted over old content. They also took out all of the original's mini-games among other things, and changed up a couple of bits here and there that rubbed me up the wrong way. It's still definitely a better game than the original version, but it's a shame they didn't take quite as much care with it as they could have.
As for why we're doing the PC one rather than the PS2 remake, ah... Simplicity, I guess? :'D I have no idea where to begin with console hacking. I'd happily translate if someone was up for doing the technical side of things someday, though, as the Sakura Taisen games were some of the first I played in Japanese, and I'm really fond of the series.
I already suggested to the translator that he should move the conversation over to romhacking.net, just for the fact that it would be more fitting (didn't mention the zero-tolerance thing).
He said at the moment he isn't really looking for a place to publicize the project and his thread on GameFAQ was just to casually drop mention of it until March when stuff should start materializing.
Um... it's "she". :'D
And yeah, I kind of figured it was maybe dodgy turf posting it on GameFAQs, but I wasn't too fussed if I was banned, so I thought I might as well chance it.

Once I'm done with the pile of paperwork I have to get through this month I'll have a lot more free time, so you should see more from us then!