Here is the release of v0.99 of the English translation of Final Fantasy!
Link:
https://www.mediafire.com/file/ootp2qqrh0jwbp7/FF1Translationv0.99.zip/filePlease patch to a Japanese Final Fantasy ROM for Famicom, Rev B. There is also an optional font patch included for using the font from the original NES localization, which you apply AFTER one of the main patches.
Please keep in mind that I was somewhat limited by space, so not everything is worded as beautifully as I'd like it to be, but all things considered I didn't have to compromise the script too much (as opposed to FF2 and FF3).
All NPC dialogues, story text, shop text, and item descriptions have been retranslated (mostly) from scratch.
There are two versions:
1. Default Edition
This is the default version. It strictly adheres to the terminology used in the GBA/PSP/iOS remakes of Final Fantasy. If you're a long-term fan that wants to see stuff like Garland's famous line from the original NES version retained, then this is the version for you.
2. Chaos Edition
This is an alternate version that uses alternate terminology for some names in order to be closer to the original Japanese text (maybe the power/force thing is debatable, but that's my own choice that I've thought hard about and I think 'force' fits better than 'power'). These changes have been made:
Oxyale-->Aquair
Four Fiends-->Chaos Four
Fiend Orb-->Chaos Orb
Fiend of [Element]-->Chaos of [Element]
Power of Earth-->Earthforce
Power of Fire-->Fireforce
Power of Water-->Waterforce
Power of Wind-->Windforce
Warmech-->Deathmech
Screenshots (Default Edition):

Screenshots (Chaos Edition):

And lastly, here is an example of the optional US font patch, which is compatible with either edition:

I am aware that people would like to see this script ported to the Final Fantasy Restored and Grond's Final Fantasy hacks, and I will be working on porting it soon (shouldn't take very long). I just wanted to get something out before the weekend is over. Once that is done, then I will do an update for FF2 and FF3, then I would like to port the FF1 and FF2 translated scripts to the FF1 and FF2 multicart. In the farther future, I may try to port the scripts to the Wonderswan Color versions of FF1 and FF2.
Special thanks to Disch for his US FF1 disassembly (even though I'm working off of Japan FF1, the offsets are similar and the routines are basically the same), Lenophis for the FF1 DTE battle implementation which I ported to Japan FF1, and Team dCode for their Bigram Analysis tool which I used to make the most optimized DTE table possible for the script.
Since this is v0.99, I am going to wait until v1.0 before submitting it to the main site. I have not yet implemented expanding the player character name limit for FF1, hopefully I can do that by v1.0.