Let's not forget the fact that the Vita translation absolutely blows (seriously, some of it looks like it was run through Google Translate), and there is no easy way to extract the text at this point in time. I don't even think it's possible to dump Vita games yet, much less digital Vita titles to even consider extraction of the script as a possibility. Regardless, especially with the PS4 version coming this summer with an improved translation, it seems almost pointless to continue translating the PSP title. All the content from Infinity Moment has been localized, even if not in the initially intended format. I get that there are people who don't own a Vita or a PS4, or have issues getting their hands on one, but ultimately it's better to support the official localized title. It's only thanks to the relatively strong Western sales of Hollow Fragment on the Vita that we're even seeing a better PS4 version, and it's the only reason we're seeing Lost Song at all.
It's not as if dropping a translation because a title is being localized is uncommon. Ultimately fan translators are just looking to bring an experience to gamers that they would have no way to experience otherwise. Once a way is given to experience that content legitimately, they essentially lose their purpose. Pokemon is about the only thing I've ever seen translated prior to an official localization even when knowing it's coming, but that's just impatience on the part of everybody involved on a level few, if any other games ever cause.
It's not as if dropping a translation because a title is being localized is uncommon. Ultimately fan translators are just looking to bring an experience to gamers that they would have no way to experience otherwise. Once a way is given to experience that content legitimately, they essentially lose their purpose. Pokemon is about the only thing I've ever seen translated prior to an official localization even when knowing it's coming, but that's just impatience on the part of everybody involved on a level few, if any other games ever cause.