That way, the whole Super Famicom library would be converted to English through the use of a program.
Uh, no... a readable, let alone correct, translation needs context, something machine translation cannot do. It needs human interaction in the translation.
Have you tried putting a translation (especially kana-only scripts like some SFC and most FC games use) into Google. The result is TOTAL NONSENSE! (I know, I've had one person offer to "translate" a script before by running it through Google, and then tell me it was correct.
Well, Google has improved in that it can almost generate a coherent sentence, but it still is far from something a human would write.