Use this LunarIPS patch with a clean original japanese rom.

This patch is from F-Zero fans to F-Zero fans, it's free and nonprofit.

Version 1.1

Changelog: 1.0:
-No save data screen translated.
-Both tutorials from the main screen translated.
-Cleaned the logo on the title screen to not have japanese characters.
-Mode Selection Screen backgrounds translated.
-Mode Selection Screen, Link Mode and Edit Course Mode bottom text translated.
-Link Mode text translated.
-Course Edit Mode text translated.
-Control Settings translated.
-Character Profiles translated.
-Story Line translated.
-Time Attack: Zero Test descriptions translated.
-Rick Wheeler translated on records (you need a new savefile or newer courses to make it work).
-Translated Chapter, Technique and Profile's unlockables text.
-Localized Rick Wheeler, Luna Ryder and Tek Hughes names on several places.
-Rank on Grand Prix Mode translated.

Changelog 1.1:
-Fixed a bug that made new save files to not get the three default courses on Edit Course Mode.
-Fixed a typo on the no save data screen.
-Fixed a typo on the Samurai Goroh profile.