What we really need is some HD Collection version of the PS2 versions of the OG Games. They apparently change so much that the original GBA versions are pretty much outdated when it comes to trying to follow the storyline, and it doesn't help that OG 3 is technically OG 2 in terms of story according to the writer, with the PS2 OG's being 1.
The main issue with localizing OG2nd is the fact that we never recieved Gaiden. For the most part, OG1 and OG2 are pretty much the same other than a few retcons here and there (References to Endless Frontier as Project EF, Cobray's cameo in OG1, the introduction of Reversal originals, Lee, Axel and Alfimi)
The main difference is Gaiden never happened in GBA canon. Roar would need to be explained, The Shura would need to explained, the whole "ART Project" would need to be explained, the MX co will need to be explained and the events (and retcons) of OG1 and OG2 would need to be summarized. It's possible though. Maybe just a little story summary might work.
Somebody just needs to take the risk and actually promote the series in North America on a live console instead of releasing it on a deathbed system and with lack of promotion like ATLUS USA did.