SirYoink’s doing the hacking, Eien ni Hen is doing the translation. A few others helped out along the way. The end result so far is a beta patch with the following completed!

75% of graphics hacking completed.
75% of menus translated.
75% of monster names translated.
75% of item names translated.
50% of dialogue translated.
To Do: Item/Monster name expansion.

the games at patch version 0.60 for a english translation, maybe within the next year or so it might actually get a complete translation, i know i've been waiting a few years for that myself so its good news