My first reaction was that I really doubted it ever being translated as things like this do tend to have been Japan only in the past. However, the reaction since its release has been huge. The rate at which it gets sold out, the amount of people jumping up and down wanting one. I would therefore feel that the incentive to do a translation is so great in this instance that I think they would. They haven't come out and said anything about it yet (neither a yes or no) and I think it is due to them working out the logistics as if they weren't I believe they've had enough time to say. So it would depend on how favourable their analysis is and I can not see how it could be bad with this reaction.
It might be translated, and probably will. The thing is... usually with these things, Nintendo tends to wait some time before officially releasing a copy of these things. So, I wouldn't hold your breath, forget about it and eventually it will be translated into english.
Zelda is huge all over the world and Nintendo could make a lot of money translating this product. I'm sure it will come out in some form in English some day, but Japan sometimes takes awhile with that. Might need to wait a year or more. Event he fan mangas got translated eventually (I did buy them in Japanese first, 3 or so years earlier). No hentai doujinshi in English though -too bad (Got those too though). Fan subs will alwasy exist on the internet - it will get translated int hat way if there are no plans for an official release.