Would love to be part of working on an accurate and faithful translation. I'm in the end stages of another DQ related project now, and would happily work on this game next. All I would need to get started is an extracted version of the Japanese text, like Chicken Knife mentioned. My only skill is with the translating itself, but I'm sure between the lot of us here we could find a way to get this off the ground.
Well, this is exciting to read. I'll keep my fingers crossed that this comes to pass.