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It should work fine, with a few extra steps~
After installing Kanon ME you would have to manually install the translation patch (by moving the translation files to their corresponding folders) and then replace the Reallive.exe in your Kanon installation directory with Kanon Standard Edition’s Reallive.exe (ver 1.2.6.8) After that, run the English Translation’s reallive-patch.exe on the Reallive.exe and it should be translated.