I wanted to translate this game but to be honest I think I should come back to this in a few months or years when I've learned more about programming/ASM/computers but I figured I might as well make a post before completely giving up.
So the image of this game has a file in it called PROGRAM.BIN where most of the game besides cutscenes and maybe music/voices (some XA files I haven't looked into) seems to be in.
This PROGRAM.BIN file seems to have several headers labelled PS-X EXE (and some other stuff like Sony Computer Entertainment etc.) in it separating different chunks (should be 141 of them, I split them with QuickBMS).
I managed to find in-game lines in PROGRAM.BIN but they're all jumbled up, missing characters and being shortened. I looked up the lines in RAM for comparison. Here's two examples:
RAM: 95 74 8B DF 82 C9 8B 71 8E BA 82 AA 97 8E 82 BF 82 BD 82 E7 82 B5 82 A2
BIN: 95 74 8B DF 82 C9 8B A8 71 8E BA D4 01 8E 1E 05 BD 67 00 D8 B5 82 A2
<stuff>Tenemos que subir
RAM: 11 35 12 31 13 3D 34 30 39 35 3B 03 54 65 6E 65 6D 6F 73 20 71 75 65 20 73 75 62 69 72
BIN: 11 26 35 EC 7E 54 65 6E 00 65 6D 6F 73 20 71 75 65 80 20 73 75 62 69 72
I read some posts about LZ compression, but those algorithms seem to be different on every game they're used on, and I also can't find anything like an LZ header in the file, so I don't know what to make of that.
I tried figuring out how the text got decompressed by debugging with this and tracing with this but I... wasn't very successful. I realized there was an option for CD-ROM reading breakpoint, but I can't figure out how data is being read and where it's being written.
Some extra info: as you can see above, the game uses both Shift-JIS and ASCII, since it has both Japanese and Spanish/English, though it doesn't seem to support special characters like á or ñ (I edited a savestate to see if I could edit text through those and when I put characters like those in, it crashed when the dialogue box came up). I haven't played the game much to see if it had symbols like those in-game, but I doubt it does.