What you are suggesting sounds to me like a variation of this user script where one would additionally filter the community mnemonics by your native language, so you could reach what you want by improving the existing extension a little bit.
This will only work though, if you provide a loooot of data (both suggestions and ratings) so it would take quite a lot of time and work until this gets really useful. You basically walk into the Chicken or the Egg Causality Dilemma – I don’t think this is going to work out well.
My suggestion on the other hand is a pure technical implementation with the integration of an existing third-party translation service (there are many!) and no need to add any new content. It is merely a user-based unknown words dictionary with the option to hide it. That’s it – from my experience this could be implemented by two people (a designer and a programmer) within about a month. As こういち already said the alternative would take too much effort.