From what I recall, there haven't been any official announcements regarding Kenzan/Yakuza 3, but the impression I got from interviews and other things is that they do want to bring it out. Yakuza 2 has been announced for the US and Europe for 2008.

For game translations, there are quite a few of them out there. One of them who I came to know about recently is TransGen, who recently put out a beta patch for an English translation of NamcoXCapcom. Most of them seem focused more on the older games from the <32 bit days.

Generally though, if a foreign game is popular enough, there will be guides on Gamefaqs. While not exactly a full translation and far more cumbersome than just having subtitles on the screen, they sometimes give you a decent description of the story as it happens. There is one for Kenzan on there now.