The problem with this way of hacking ROMs is that there's always not enough space for English characters. Someone will have to re-code parts of the game to create enough space as far as I know. However, I don't think anyone will go that far with the game to be officially released in English soon.
That is correct. One would need to implement a VWF (Variable Width Font) to make it better to use English chars. It's funny, all of a sudden everyone thinks they can translate a game like FF3.