Well, of course this game should be remade.
A sequel, not so much. I would love either, but what would the story be in the second?
The game would have to be exactly the same as the first...well, maybe not exactly the same. New bonus and more story added into it, with some mini games like the card game in VIII or a chocobo game and maybe even a breeding place like in VII.
The translation could be just like the real version, but they could spice it up a bit, flare it.