HyperBog, have you gotten in touch with the people behind the
Suikogaiden Translation Project? I wonder if they'd tackle Suikoden I & II after that -- and I'd say working with more experienced people in a team environment is the best way to grow fast. It'll probably be awhile until they're done with Suikogaiden though.
Although it's not the PSP version,
you're free to check out some old "brute-force comparison" attempts to examine the PSX version of Suikoden II's graphics decompression routine. Notice how ffgriever jumped in and radically saved the day by sharing actual source code for the game's decompression routine? To be a truly effective modder, you'll eventually have to learn a programming language and be able to develop your own tools to implement compression and decompression routines when they're complex. Although, if your comparative advantage is in learning Japanese, you might be able to team up with technical wizards provided your interests are compatible.
Too bad they compressed the script in PSP Suikoden II, then. I see now that Konami put both games on one UMD (according to the game's wiki article at least) so I guess that would explain it.
EDIT: Text is actually easily accessible, though we still need to confirm 100% that the Unicode in the uncompressed files isn't just some kind of dummy text. Someone will have to test with a live PSP since there aren't any working emulators AFAIK.
Check out the progress in this thread. Some text injection tools might help, but even doing this project "by hand" with a hex editor and WinRAR might be possible.