The is no "usually" with IPS. The IPS format is a straight copy X bytes to Address Y format. So your text might be anywhere. However, you can build a table for the game and look through the ips and make note of the portions that do contain legible text.

This is why everybody, including me, so far has told you it's a ton of work and not worth it.

cYa,

Tauwasser

Firstly, there are no files in IPS files. There are only chunks that take an offset and a length (of the chunk). You will have to find the chunks in there that correspond to the tile graphics for the ingame font and maybe some ASM changed.

cYa,

Tauwasser

Seriously, if you want to do it so badly, generate a table file, go through the ips file by hand and get the general region of the parts with text and calculate the chunk numbers. Next take a tile editor and try to locate the tile data. If you can do that (so it's not compressed), you're already half set. Now, calculate those chunk numbers and then apply only those chunks to your rom. It might work, but likely won't be satisfying. You're looking at a commitment of some hours for the initial search and narrowing stuff down etc.

After that, it's anybody's guess. Really, there is no magical way to get the info out of the patch. You could use a debugger to try to find the routines that are changed for the title screen and look for that in the patch, but other than that, there is no other way to separate the data other than by going through it by hand. You could obviously track down parts you want to retain in the original rom, edit all of it to 0x00 or something and have a patch making utility make a patch that copies that stuff back into a rom. So then you could apply both patches after each other and be done with it. However, that will also require some tedious debugging and writing down offset ranges.

cYa,

Tauwasser

Seriously dude? These are two entirely different games right? Unless they are the exact same game both the graphics and text data will be in different locations and probably in different formats. There's not possible way you're going to be able to put data from one into the other with just IPS.

That doesn't mean anything. I can use an IPS patch creator against my Windows Vista DVD and my Windows 7 DVD and the resulting patch would turn either of them into the other. The patch would also be roughly the size of the DVD images and bring copyright trouble

What Spikeman is saying is, that these games were built from different source code, so they do not contain the same code in the same locations because adaptions were made for the English version. I thought this was a fan translation and not an actual localized game...
Anyway, what you want is possible, because the info is all in the IPS file. However (for the hundredth time), it is not practical, because it is much manual labor for little benefit.

cYa,

Tauwasser

Why do I have trouble believing this...

So you want to turn the Japanse ROM into English? Well there is no magic program that will automatically do that for you. What you want to do is newbie stuff, but it would still take MANY HOURS of work. The jist of it would be:

Step 1: Learn basic Romhacking skills.
The Newbie Package of REQUIRED Material

ROMHacking.net FAQ: You ask, we answer!
ROMHacking.net Getting Started Section: Newbies Go HERE!
ROMHacking.net Documents Section!
How to ask questions the smart way.
On the Essence of ROM Hacking

Step 2: Make a Japanese table for Windhex.

Step 3: Edit the Japanese ROM's font with a Tile Editor and replace the Japanese letters with English letters.

Step 4: Make an English table for Windhex.

Step 5. Use Windhex to painstakingly replace all the text line by line in the Japanese ROM. You'll probably also have to learn how to hack pointers.

You can't expect Romhacking to be easy just because there's an English version of a game that you can reference from. You're going to have to do almost the same amount of work as if an English version didn't exist. Data get's rearranged  and often the English version of the game doesn't help much.