(Quick clarification as to why I can say the following things: I'm one of the two main translators for the SKM project.)
There would sadly be quite a few problems with that: 1) SKM is absolutely massive, so we really shouldn't be promising to do other projects until we are much farther along on our current project. 2) Despite what I just said as point #1, the plan already seems to be that we go to Moeshouden once we finish SKM. 3) I've never tried to pull text an such from a PSP game, and I don't know if there is currently anyone on the team who has.
Admittedly, #3 is easily solvable with a new recruit to the team (or looking up a quick tutorial if Lost Color has simpler code behind it than SKM), but 1 and 2 would be major roadblocks at present to saying we could do that game. As for the answer when those three points dissolve a bit, that would depend on what the translators want since this can be somewhat tedious work unless you really like the game you're translating, so I would have to look up more about that game before I would be able to think about translating it.