I would very much support this idea, and would happily throw my money at it. There was a person/persons that did a really great fan translation for the MGQ series which would make things easier for Fakku if they worked together with them on that aspect. And then uncensoring would be an entirely different beast.
I'd like to see an official (and most importantly, professional) translation of Monster Girl Quest 1-3 too, but only if it means that the mosaics will be gone and redrawn by all the artists that originally drew the initial artwork for the game.
And there are tons of different artists involved.
I would only buy the game, if that were to happen though; anything else isn't what I'm satisfied with, especially not for a game that I already playe in its entirety years ago.