Might as well make a thread for this. I'll post status updates as they happen.
At the moment, Esperknight has basically cracked the text encoding in the game, and appears to have successfully dumped all of the script from the first town. I'm guessing that this actually comprises at least 10% of the game's total text, since that first town has lots of variation depending on which character type you choose.
Fortunately, from what it sounds like, the rest of the game script shouldn't be that hard to get out.
Right now, I'm working on what we have, and it's fairly easy going. Hopefully the whole first draft can be done in 50 hours or so.
So, away we go!