Came across another translation thats been out for awhile.  The guys (and girls?) @ SMS Power retranslated the original Japanese version of Phantasy Star for the Master System.  The big difference between the Japanese and the US version is that the Japanese version has superior sound due to the FM Sound Chip that was only in the Japanese version of the Master System (aka the Mark III).  Go here for details:

http://www.smspower.org/translations/phantasystar-en/

Enjoy