Well, if anyone still cares, I'm probably not going to complete this project. I've been kinda discouraged... first there was this shoutbox conversation...
http://shoutbox.menthix.net/attachment.php?pid=230151
(Summary of problems: 1. Some translators would not want to participate, thus making the notification system incomplete. 2. Regular users might have trouble finding and using the script.)
Then I read some references to MenthiX's translator database thing... I figure if he already has a site with all the translator data, it makes much more sense for him to make the translator notification script, and integrate it into his existing system.