I really wanted to do the same for Star Ocean 2 (except the voices would replaced with the original JP cast). It's one of my favorite games of the PS1 era. It had an incredibly bland, and boring literal translation, and had voice actors randomly picked up off the street. I'm pretty sure the same guys behind the LoD localization also worked on SO2.
But tri-Ace is really goddamned evil. They probably make the hardest games to hack I've ever seen. I'm glad they aren't responsible for the Tales series past Phantasia SNES. That and Star Ocean 1 are just the tip of the iceberg of what they've done as far as hackability.
If I was capable, I'd certainly get to work on 'fixing' my old favorite ASAP. Might be the same case for you with LoD...
Yepp! I always felt that the game(LoD) lacked a little to make it fully enjoyable. There are some localization faults that is pretty strange(like switching "yes" with "no" at one point). And the voice acting is just...no.... There are also some battle commands that are written differently from the voiceacting. And I felt that in the end, I focused more on the faults that on the actual game, even though I enjoyed it. There is also one other thing about this game; the level pacing was way slow. If I ever get enough skill to alter/translate/hack this game, I will do it.
I know that dubbing probably is a bad idea(ToP SFC Voice Project) and it would maybe be better to use the Japanese voices(if they are any good that is) with subs.
Oh! BTW. Good luck with the Tales of Phantasia PSX translation Cless!:) I'm looking forward to see the end result!