Well yeah, but there's actual worthwhile cool stuff that completely changes the experience, like the Zodiac Job System, and then there's redundant changes for the sake of change, which is what the new translation would be. I can see them brushing up several lines like they did for FFVII PC, but other than that FFVIII's translation flows really well and reads like good English, making it at the very least an entirely competent localization, to the point that I don't think a new translation would improve it - rather just give it a new flavor, a la the difference between FFIV GBA and DS.

That said, as much as I love VIII's systems, it'd be cool if they could refine them a bit, though I don't see that happening without Ito's involvement (which, let's face it, is not happening). Then there's the pocket station minigame that has become lost to time that they should add in some way shape or form.