Names that are specific to the game, like "Worker", "Lynx" can't really be changed. However the text around them could be changed.
For example, "Worker ready" for spanish, changes to "Worker listo"
TH300 has brought up a good point, that way the names are standardized (and if someone talks with someone who doesn't know much english they can discern some things like "Supernova Lynx" they will know what they are talking about).
We would have full compatibility. (What we would do, is take the current english version of the game and patch it to load all its strings from an external DLL. The DLL would contain the localized versions of the text strings. (Either that, or the DLL could load strings from a INI file or something, that way anyone with notepad or a similar text editor could translate the entire game)
Hmm, one possible problem I have just thought of however.
OP2 lacks Unicode/multi-byte string support. (The unicode support for non WinNT/2k/XP is lacking in the OS itself as well). This means Far East languages like Chinese and Japanese couldn't be used in the game. (I don't think it's a major concern at the moment, but it might need to be considered)
Adding Unicode string support to support Far East character sets would require extensive modifications to the whole game, and would take a long time.
I don't think this is much of a concern though, is it?