Okay so I've played through beating OctoMammoth, and I must say the translation is now much more readable then before. Kaipo was such a mess in FFIIUS that it was almost confusing. I decided to try and play through FFIIUS along with Project II to see the changes. The dummied content returning is so welcome that I had a hard time in the US version without Darkness. I almost forgot that it was taken out. I noticed that some of the spells seem weaker on some monsters or that maybe they are beefed up a little. The Zombies took an extra Fire spell, which was odd. But Tellah's 8 extra MP helped. Speaking of Tellah, I actually prefer the h at the end of his name. I know it might be a challenge but, please keep him as Tellah! The monsters you did rename are much better than before. Toebiter sounds better than Pike.
I know you said you still had to go through the item names and descriptions. The D showing up I understand is place holder. Since you are going to be working on them, I much prefer the established names where possible. Tonics and Tinctures still do not seem right in FF4. I know it was Cure1, Cure2, etc in FFIIUS, but Potion, HiPotion (if possible Hi Potion or Hi-Potion) I think works better in general, IMHO. Also, I'm not sure what you named Rosa's White spell, but I'm sure it was suppossed to be Holy.
All in all, Project II has been very enjoyable so far.