If no one else volunteers, I'd be willing to take a crack at it. I love SaGa.
I sent an email to the japanese translator and I'm still waiting for his news about the status. If not answer in a few days, I will let you know.
Is there even an english translation for this being worked on?
Yes, there is a new re-translation going on since September, but I haven't had any updates about progress since October.
January 05, 2013, 10:27:49 am - (Auto Merged - Double Posts are not allowed before 7 days.)
I finally released the spanish patch although the games is not 100% complete, since one side-quest is left to translate.
You can get the patch here: Traducciones Magno
As for the english re-translation, the guy who is translating it answered me at last and told me the script would be finished in the next months, since he had some other projects to complete first.