FWIW, Don't expect any official translations for PS1 games through a PSN re-release like Nintendo did with their VC for some games (Monster World IV, Sin and Punishment...). According to Vic Ireland, Sony doesn't allow anyone to release a PS1 ISO modified in any form from the original PS1 disk release.
As for the mysterious game by Vic Ireland/Gaijinworks, we know it's from a big publisher (Konami/Namco Bandai/Capcom/Sega are the major suspects, Sony/Square Enix are ruled out) and it's a turn-based JRPG for PSP of a somewhat high pedigree.
That kind of screams Summon Night to me, but then again i'm not sure (there could be others who fit the criteria). Would be awesome if they at least started with the first one?