Cccmar's translation is just a basic "fansub" as I call it that translates the Japanese dialogue. I'd recommend it to people who are interested specifically in Japan or the Japanese language.
I'd say it's about 20% localization, 80% translation, since some things really wouldn't make much sense otherwise to an English speaker, but it's a bizarre game whichever way you look at it.
It's true that this game is "very" Japanese when it comes to original themes/cultural stuff thrown in for a good measure, perhaps the most on the Famicom. In fact, I think you could have tons
of different ways to localize some of the story bits found in the script, such as all the different speech quirks some characters have, trivia questions, references to real-life figures etc. Pretty different from the ubiquitous murder mystery games you can play on the console, but it's a pretty good time overall regardless.