Short version. Yes, yes you can. Game data can and has been demonstrated to run and be edited both freely and extensively, game binaries are also within the remit of the current hacks (not necessary for all translations but quite helpful for many and almost certainly most of the better ones you will have seen), the formats seen do not seem to be terribly different to what came before or otherwise outside the scope of understanding of those that could work up things from before.
To run them you will need a 4.5 3ds for the time being though, pending new types of hacks (smea's hacks when they get released and the new sky3ds and whatever else will not do it) or a downgrade method of course. Whether a flash cart will be necessary for it may change over the coming months but you will need a gateway or one like it right now.