I rarely find relative searching to be even a tenth as useful for Japanese as I do for games with an alphabet order. If you want to construct one of those number searches based on font order or something then knock yourself out.
I have not pulled apart enough Saturn games to make proper generalisations like I can for other systems, indeed I would not be surprised to find nobody anywhere has (a few hundred megs of rare and hard to come by iso for a failed system tends to put a damper on any "grab and have a look for fun" ambitions, even with today's bandwidth and storage options).
Still it is a relatively powerful machine compared to what came before so expect to be dealing with 16 bit encodings with full Japanese rather than swapping out tables, or having a more limited selection (though still be prepared for that). Some devs might well use the common encodings ( http://www.rikai.com/library/kanjitables/kanji_codes.sjis.shtml http://www.rikai.com/library/kanjitables/kanji_codes.euc.shtml https://www.fileformat.info/info/charset/Shift_JIS/list.htm
) or minor variations on them but I still imagine linguist tactics and fiddling at game level will be happening as the main course of action.
You will probably not be getting so many formatting type setups from games of this vintage compared to later stuff/PC/today but it could still happen. Placeholders and the like I would expect.
Pointers will largely be file level affairs rather than memory level, with the obvious exception of any strings they stuffed into the binary. I don't know if I have examples of the big three pointer types (standard, offset and relative), much less more exotic stuff, but be prepared for all of them. Said pointers might well be more end of section than also a new line as well, though I still expect plenty of pointer also doubles as thing solving how to make new lines. You might also run into lack of memory issues (remember everything is read from CD into memory so while a CD might be able to store a decent library the 512KB of RAM has a harder time) like you do on any system where the ROM/ISO is not directly in memory at fast speeds, however most devs would have been reasonably aware of that limitation and have something like proper streaming/grabbing as long as you don't get too silly.
Compression might happen but at the same time this was CD country on a 3d console so space was not at such a premium.
If you are going to play big boy hacker and do 8 bit conversions, variable width fonts (don't know how common such things will be in the wild -- this was before we saw mass pushes for easy translations), larger text boxes, rapid speed text and all the other fun things that the translators aiming to do the very best often add then you get to play with the Saturn's nightmare of architecture and odd chips. Have fun there. At the same time though it is probably not going to be necessary to make a perfectly playable/acceptable translation.