This PC port comes with the uncensored Japanese version, so mods could do the following:
- Faithful translation
- Option for the game to show Xbox and Playstation buttons
- 16:9 field of view for battles and areas of the game
- And more quality of life improvement updates or remastering

Deleted scenes / Identify skill and the small snafu with Nina/Ryu's conversation in Saldine aside, I found the original English translation to be pretty good. Was curious if those were the things you meant by a "faithful translation"?

Probably was alluding to some recent official JP to EFIGS translations that turned out to be compromised and having taken too much liberties by injecting modern-day, agenda-driven language and vernacular, not present in the original Japanese script at all.
Like what happened with the English localisation of Eiyuden Chronicle: Hundred Heroes, for instance.

I don't understand how this compares to Breath of Fire IV's localization, which was done in 2000, though.

Was referring to a potential unofficial localisation of the Japanese version to get the uncensored international version, in case the existing English one couldn't be just adopted/copy-pasted 1:1.

Which probably shouldn't pose much of a problem at all, now that I think of it. Apologies, the old brain sponge isn't what it used to be.

The couple lines used in the deleted scenes would need to be translated though.

It used to be that translations of JRPGs had unnecessary modifications, they call it localization, I'd like to see a more direct translation of the Japanese script.

Localization is important because if games were directly translated they'd sound incredibly awkward and jokes/dialogue wouldn't make much sense. See: Breath of Fire II's translation on SNES, which is a great example of what a "direct translation" would be like. You'd also have Nina going around calling Cray "Brother-sama". It'd be nonsensical to an English-reading person.

I fail to see how using the japanese version as a base would be beneficial in any way to achieve any of what you listed.

I think BoF4 is actually a fine example of one of the best translations from the PS1 era. It'd be nice to have the censored scenes re-added, but retranslating the whole script would be a massive waste of time and effort.

The Japanese version has the uncut scenes, one of them is story-critical