Given that you'd be looking at an app that you have the source for anyway it would be more work to write the translations than it would to port most apps by hand - depending on what they do of course.

Sure, you could end up with the tools to make the 2nd or 3rd app easier, but as said above you'd really be looking at implementing a lot of framework some of which won't be possible for Meamo5 (multitouch, gestures, compass etc).

Still, don't be put off from trying it though. I'm sure it would be a great learning exercise.