Aeon Genesis has announced intent and progress on translations for Shin Megami Tensei: if… and Magical Drop 2, both for the SNES. Both have been in the works for about four years, and several screenshots of each are provided at the AGTP website. SMT is roughly half-way done, with 2/3s of the script having been translated, and Magical Drop 2 is about 70% of the way there, with a major script edit in the works and a number of graphical interface elements that still need to be replaced.
Relevant Link: (http://agtp.romhack.net/)