Now, from what I understand, the topic doesn't necessarily deserve a whole lot of depth

As with any scanlation project, I know this would be a labor of love. I'll try to hunt around the various groups out there on the interwebs, but I wanted to make this board my first touchstone.
It doesn't seem like the sort of thing that's likely to ever be licensed by any English language manga publisher, so I wouldn't feel too bad about ethical issues (tho' the author his own self might come after me I guess). I was thinking about watermarking all the page scans with something that wouldn't damage readability but would make it unattractive to print out.
Anyway, this seems to me like an important piece of history to share with English reading FSS fans so any help or references or whatever that people here can give me would be greatly appreciated.
Now if I could just get my hands on the English translation scripts that were used for the old purple VHS tapes of L-Gaim that I have only the first 12 episodes of, and I know there were more.