Instead of having a few people or a few groups create subtitles for it that will take a long time (months maybe from past batsu translations) why not create an official thread that relies on the sites user base that will translate small sections at a time.
The Hand posted a Japanese subtitle file viewtopic.php?f=72&t=4086&start=180 and all a person would need to do is translate a couple of minutes and post their translation along with the time stamp. It will be random as to who translates what and there will be some overlap but by checking previous posted translations it can be somewhat avoided. Someone will compile and update the sub file as it comes along. It probably won’t be accurate or the best sub job but it will be quick and will come in handy for anyone wanting to create a proper sub for it.
Not to disregard the subbing groups for their efforts and I know its a daunting task to properly translate, encode, color code, and time 5 hours worth of video but I think with a couple of dozen translators who are fluent and not so fluent working on small sections at a time can translate the whole thing within a week. It may also even be a good activity for some people to learn Japanese.