Yes, this is possible, I have the translation of Avernum escape from the pit, to 80%, but took 3 years translating, you need a large group of people to help, or be as crazy as me.
You can translate the script, it is quite easy, the executable is complicated but I have extracted the texts, and I have inserted properly, there are a few texts that have a publisher use hexadecimal, but only about 10 sentences, I made a template.
The images also can be translated, but I have a problem with them, I do not handle well image editors and do not know how to correctly insert new letters to the sources, it is possible subtituir new letters by letters not used during the game but as I mention I do not handle well the editors and is not very good.
If anyone knows how to help appreciate your help.
The AScenData.dat file is the missing me to translate, but really, I do not understand its content, has repeated phrases and cut, senseless ... still have not inserted the phrases but I guess it does not have pointers and possibly can do only overwriting the original sentences.