That's right, the translation is back on. Reader LuigiBlood has taken up the reins following the original translator's departure, and has begun developing an English patch for Operate Shooting Star.
The project is currently at 0.2% completion. LuigiBlood has set up a site where you can check out the patch's progress; there's even a few screens of the game up and running in English.
While the project does seem promising, LugiBlood was careful to note the he is also translating a variety of other games, so OSS's development might be a little slow. Regardless, you can follow the game's development here.
Furthermore, LuigiBlood is in need of some help in translating OSS's new material such as the prologue, the Shooting Star Rockman scenario, and the Star Colosseum Mode. Help is welcome, especially if you're fluent in Japanese.
Shoot LuigiBlood an e-mail at luigiblood[at]gmail[dot]com if you're up to the task!
EDIT: Corrected Luigi's e-mail address. Link not working? Try here.