The issue is that a separate script must be referenced so that all the {delay} commands and other stuff can be added back in. Then comes the problem of making sure the lines will fit in Trigger's textboxes. Of course, procedures could be developed, but it's still going to be an undertaking.
I'm not seeing too much of a problem when it comes to making sure the lines fit in Trigger's text boxes. We'd simply have to add more to each string of text if the dialogue runs over on a few pages. Occasionally I've noticed the original translation was actually more verbose in certain bits of the script than the retranslation so this really shouldn't be a problem.
Now, items, weapon descriptions, ect...that will be a problem, one that everyone has been facing, including Chrono Trigger +. The way I see it, we'd probably have to shorten a few here and there and package a text file explaining the full text of those we slim down with the .ips file, until Temporal Flux can alter font size.
As for the seperate script...couldn't we just redo a text dump with all of the scripted commands inside of it of the original translation and/or the Japanese script and work with that?