Over the last few years, a lot of the mysteries involving the game's formats have been cleared by some very talented programmers, and right now we are more than capable of translating the game and modifying the graphics. The graphics, however, have an issue that our team has been unable to solve via format research.
We need someone who knows how to debug the PS2 in order to move the positions of the UI elements on screen. While the SPR format contains the graphical pieces (TIM2 derivative called TMX) and the atlas contents, it does not contain the on screen position and animation data that we're after.
My idea for this assistance would be that by finding the system that contains this information, we could take things from there and finish the graphical part.
We'd also need to move (Non-graphics stuff, like text that has a fixed position on the UI) and modify other contents (For example, modify the keyboard at the beginning of the game so it accepts accented characters), but that would be considered minor.
Because the game engine is shared between Persona 3 (and FES), Persona 3 Portable and Persona 4, this knowledge could also help the Persona 4 project, which shares some assets from us.
These are some screenshots from an early, graphics-edits-only version: