Nobilis didn't translate the game in italian, as you can see in their site; and I haven't read anything about an italian translation. I don't even know if nobils can translate anything in italian, since Fantasy Wars was selled by Nobilis itself to Ubisoft, who traslated the game into italian.
However, I think an unofficial patch is a good idea, even for others foreign countries...
Hykao, I don't think your work would be underrated, it only need to be "promoted"... not all the people would come here in this forum