This method is very buggy and can be time consuming, but It's better than nothing.
You will need
1 Real reader lite
2 a Translator
3 A way to type in Japanese. (you don't need to know it, just be able to type in it when Real reader screws up)
4 A way to take screenshots.
5 some common sense.

I did some research on Japanese OCR programs. I found a free one. It HATES the original Galaxy angel's font, but it works ok with GAII's. Basically I've been playing by using the software, feeding it through a surprisingly good translator, then continuing. Anyway moving on. The main problem is inaccurate character out put and movies can't do anything about that). When this happens you must find a way to type in Japanese. I used these websites to type in Hiragana and Katakana: Sadly, I have no method of typing in Kanji.

Real reader tutorial: this program is in Japanese.
**WHEN USING THIS ONLY TAKE A SCREENSHOT OF THE TEXT YOU WANT TO TRANSLATE, NOTHING ELSE OR THERE WILL BE ISSUES.**

This is the main screen:


To load an Image to translate:


To output your text to a document:



If the program makes a mistake, then you can right click the text and see if the correct character is there. If it isn't there, than you have to type it yourself by deleting the character. Before you do that, feed it though the translator and see if it makes any sense.

Translator:

I'm sorry this takes too long. I would prefer if to learn Japanese, but this is the fastest method.

This goes out to Aroduc: I don't mean to offend you. I greatly appreciate the effort you poured into the Galaxy Angel translations. This method is inconvenient and very, very time consuming. And this doesn't work with the first games' font.

(if you need help feel free to ask.)

Edit: Fail, I didn't include a Download link for Real reader. (it's free)

*UPDATE: Real Reader is unreliable for GAII's font at times. I plan to get an OCR program that supports custom characters. If anyone knows a good one, then could you tell me?

**UPDATE 2: You don't have to output the characters into a text file, you can actually just highlight the text and hit control and C or use the tab at the top of the program that has an (E) next to characters. Use the option that has ctrl+ C next to it.

***Update 3: Changed tittle to ''One step closer to being able to play GAII in english'' the translator is failing more than I thought. We can at least get the text from the game.

AGTH.
If used with Atlas Translator you can have a relatively non-buggy translation.
Only problem with it. Ga2s #B code is nowhere to be found.

A possible method to get the translation to work. Although directly translating Kanji to English can be mistranslated and look extremely sloppy (as we all know). Now if we had a perfect Romaji translator, then it's possible to get Kanji - Romaji - English translator that would make things more smoother. But the translator provided in the link is very viable and more trustworthy then Atlas atleast.

Just tried with agth on the psx2, unlike with pc games agth didn't detect any text or anything.

dunno if it's the latest version but the agth I have now is v.2011.5.9

just used it again on psx2 v0.98 this time(last time was on version 0.96), I got text but it's all in English and more emulator related than game related, I can't find any Japanese text, let alone the script.

The official developers aren't working on it, but on a Japanese/English Gamer Forum has topics on AGTH and one member mentioned making a emulator mod......though, this was before ML was being translated so, that project may have been scrapped