If this was 1997 and you were going to run the translated manga in Animanga APA with a limited distribution to people who could be trusted to not make a buck off it, sure. Here in 2010, I would be leery of putting a project like this onto the public internets for the whole world to see.

A private members-only file-sharing server, or a friends-locked Livejournal post, something like that, that's a different story.