By all means! See the first post here for the "rules," but it basically just boils down to "Be clear it's unofficial, don't charge for it, only distribute text, if you use machine translation for more that 20%, say so." I generally recommend Translator++ for translating RPGMaker games, as it's easier to keep track of everything, but you're certainly free to do it however works for you. And send me a link when/if you finish!