If it was so easy to do that someone with no hexadecimal knowledge could do it, then considering the many, many thousands of Earthbound fans out there, someone would have done it already.
So yes, you would probably have to look at a lot of hexadecimal data, and spend a very, very long time figuring out exactly how it works.
It seems quite safe to say that this is way out of your league.
Also, if you had scrolled all the way to the bottom of the page you linked to, you'd see that someone is, in fact working on it.
http://earthboundcentral.com/forum/viewtopic.php?=3&t=526&start=390