I think the biggest problem will be a technical one, since as far as I know there is no way yet to decrypt the game (I'm speaking for the PS3 version no idea about 360). So even if you have a translator that is willing to translate the entire game, you'd still need to encrypt and decrypt the scripts. You'll probably come a bit further with a jailbroken PS3. But as far as I know im@s doesn't run on version 3.5 of the firmware.
I've never heard of a fan translation of a game for the 360/ps3 either, only for handle game devices sadly enough.
I think it's fair to say that, if the game was hackable like the PSP version people would have starting to translate it a long time ago.

(Even then, you'd still need a ps3/360 with CFW which is for both devices a tedious thing to do)