So I just talked with the author of Faxanadu R3 (the restoration, remix, and retranslation project). Says on his site that he basically gave up for personal reasons. Says he's willing to work on it later, but he needs to get a lot of things in order first, so it won't be for a while (likely years, I'm guessing).
He did, however, state that anyone is welcome to use his work and whatnot to complete the project. There's also a dumped (unformated) script on his site as well.
I'd be more than willing to translate the script. Anyone here willing to do the hacking work?