We've tested out a few font options, and I think we've found a solution. We're not 100% decided, but we think we've got it.
But it's not the BBS font. Let me explain.
There are at two major font files in the game. There's one for cutscenes and one for NPC dialogue, quests, abilities in the battle HUD, character nametags in cutscenes, and a ton of other things. Multiple fonts often appear on-screen at the same time. One of these instances is in cutscenes, where the dialogue uses one font, while the nametag for the currently-speaking character uses another font. In this case, the BBS font would display the character's nametag, which clashes pretty heavily with the dialogue font. Another instance is in the battle HUD, like in the screen posted earlier. Lots of text of a few different fonts appears in this screen, including the status effects, which are actually images, and don't use the font files.
One of the guiding principles of this project is that we try to stick to the original intent of the game. We make sacrifices where necessary, but we try to be faithful to what the creators were trying to do. This of course applies to the translation, but also the graphics we have to change to be English-friendly. This includes the font.
That means the main reason we're deciding on a new font is because we're trying to adhere to the look of the original font while eliminating the things that made the original font less than ideal, such as size, kerning, and general readablity. And we think we've achieved that, or at least improved upon it. This is a really tough thing, considering the relatively small screen, HUD restrictions, and transitioning from Japanese character requirements to English character requirements (You can say so much more with so much less in Japanese!). Just look at all the muddled fonts appearing on retail games for the DS, 3DS, PSP, and even Vita if you need proof that this is not an easy thing to do.
We're still working on it, but we hope you'll agree that this is the best course of action. I hope we'll be able to show you the results soon.