there was a english fan patch last i heard and they're coding english support into the client supposedly. You might have to do some digging to find it. PSO has private servers, PSU too I think.
What's the freemium currency used for?
You have two kinds, the standard PSO funbux and FUN POINTS. PSO funbux are used to directly buy premium account features (trading happens to be one of those features, you will be thrilled to know) respecs, room passes, etc. FUN POINTS can be used to buy some of these items, or to buy scratchoffs which give you outfits, room decorations, and a chance at premium items. You can theoretically get any of the premium features through the scratchoffs (or you could in CB1) but the good stuff is obviously pretty rare.
The game is really fun, by the way. I don't really like the freemium business, but it's fun. Having said that, I'm pretty fucking disappointed that they're going to separate Japanese and American servers again. It doesn't help that we prove their rationale right every fucking time - a week into CB2 the guy responsible for the duping glitch in PSU started releasing hacks. This is why we can't have nice things.