This game doesn't need a translation, it needs a bullet in the head.
But seriously, the game isn't that great apart from the fact that you have SS characters doing SS moves in it. To begin with, the loading times are HORRIBLE. Putting it on PSone wouldn't help things much (as I played it on a Saturn). Also, it needs a major kick in the ass to move a. lit. tle. fas. ter. than. the. moun. tain. glaciers. It takes a minute just to get out of a village. You start to fear entering a house (indeed, the game asks you if you want to enter so you don't accidentally step into the loading process).
Now, if they rewrote the game, added a run button, put it on a console without loading problems (= either GBA or any modern console) AND made a good translation, sure, I'd play it. But just rereleasing the same old game would rather destroy Samurai Shodown's reputation. And judging by SS0/V, it doesn't seem likely that they'd bother to translate an entire RPG.