I've heard about this mod and seen the progress, as well as the "controversy", and I wanted to join this board JUST to say "thank you". I eagerly await the next version so I don't need to bother with virtual discs and version downgrading, but I can safely say this game has ALWAYS needed a better translation. Square in particular only really got good at translating their own games with FF8 onwards, and even then that's debatable. Even their retranslations try too much to appeal to fan demand for what they THINK an accurate translation should be than what an accurate translation actually is (the fan retranslation of FF4 was a joke, the SNES version with all it's censoring was actually more accurate, and that was called FF2!). While I applaud Square's consistency in naming (from FF8 onwards at least), I don't much like their insistence on keeping in-joke lines from bad translations in their new translations. Yes, "spoony bard" is a classic mistranslated line, but a retranslation of FF4 should have made that scene more emotional and not a comedy act, so they really SHOULD have changed it. Leave the past in the past and enjoy the bad lines with the original copies of the game like I do.
Even with those projects though, I'm confused to no end by those who insist that all the mistranslations BECOME the "official story" of the US version. I've never seen anything like that with other game retranslation projects, and I wonder if there's some sort of generational gap to blame. Compared to the praise that Mato has received over his Mother 3 and Mother 1 translation projects, you've received the short end of the stick.
By and large, I share your point of view on what a translation should look like and am disgusted by how much hate mail you've been getting over this. Consider this a small attempt to give credit where it's long overdue. Thank you for doing what SE didn't bother doing themselves.