I got an import copy of Ys3 recently and took a stab at translating part of it. Sure enough, the intro scene where the narrator spoke of Adol defeating an alien while showing scenes of a guy who couldn't look less like Adol if he tried? Yeah, that was a legend about a hero from ages long ago defeating a monster.
Seriously, they didn't translate that dialog, they just wrote stuff that kinda worked while having zero idea what was going on.
I like the idea of a shared Ys3. I had it when I was a kid but at some point I lost a stack of games. I don't think I'll participate because it's on my to-buy list as I want to have all the games I lost back on my shelf. I hope this works out well though.