Yesterday's NIS America's press event would have been the perfect time to announce an English version of this game. I had the irrational hope it would get announced, but alas... My hope is lower than it used to be, but I'll cling to it for now. The English mobile version seems to be doing okay overall and the subreddit is decently active, so hopefully that'll attract the interest of a localizing company.
Based on my experience with the demo, the game is playable in Japanese even with very limited Japanese knowledge, but the whole experience would certainly be better in English. Personally, I'll wait a while for a US release. If none shows a few months down the line and that I run out of decent SRPGs, I'll consider the Japanese version at that time but not before.
I'd certainly be fine with a Re:Incarnation-level translation. Oddly enough, the support conversations (which is where the vast majority of the text lies) was pretty good on the whole; it's the main story dialog that was mediocre. It's really the inverse of what I'd have expected.
But to be honest, as long as it's understandable I'd be fine with any English translation for this remake. It wouldn't need to be polished or pretty for me to want to play it. The game looks pretty good from my time with the demo; if I can play it in English I'll be happy even if it's not amazing quality.
Regarding Shadow Dragon, I'm not sure what the goal was. FFT allowed you to combine skills from various classes: it was the main appeal of the system. You also needed to progress toward reaching those classes via grinding them up.
Shadow Dragon doesn't have skills, so there's nothing to pass over from class to class. There's also no building toward getting a class; you just immediately switched for free at any time. My personal guess for this system is that they wanted to encourage players to play Ironman; that would match the much reviled "You get additional scenarios if you get enough units killed" system. Basically, if you lose your last healer, no problems! Just switch one of your remaining characters to one. You need fliers to get through this map but you have none left? Reclass someone to pegasus / wyvern.
I'd say it's a misguided attempt since so few people play Ironman, but that's my best guess as to why Shadow Dragon was made that way.