For you initial translation and such if you focus on <description> or <desc> these two areas are the major parts for translation. They will also be void of special tags that you don't have to worry too much about. Also, the <Provides> is another good tag to translate. This is mostly for your tool-tips and such.
The quests are a somewhat of a different story and if you want to open up the quests in my quest editor, you can see what tags are for the descriptions (to translate) and what tags are not. (Sorry, I didn't set up the editor to use special characters)
You also want to check out
elemental.str
this file contains all the basic strings, like the season names and the town size names (village, town, city,... etc.)
If you need any advice or suggestion on whether a tag is a description or a game tag, just ask. People are most helpful. (If you know how to close-caption with .bik files you can actual put a translation on there as well, but that is an extreme amount of work.)
I'd like to see this up and running, even though I'd never use it.