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The idea is very interesting. Is caching implied too?
So here's what I was thinking. How about, we store the changed strings in the database and load them when necessary? That sounds awful, but let me temper it with this which only occurred to me today.
There is a pretty easy interface to change the language strings in MyBB.
I'm fairly sure this is approximately how MyBB does things. Seems to me to be a solution that works fine.
(Though I used to use only Notepad++ :))