Final Fantasy VI - T Edition... The Translation

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1 - What tools should I use to rip text from the Japanese rom and replace it with English?

You'll need a hex editor for sure and an assembler like Xkas, which makes coding lot easier. Learning coding is not an easy task but anyone taking the time to learn can be comfortable with it eventually. Also, you'll need a tile editor like YY-CHR to insert the alphabet. There are disassemblies available to help you identifying the code to change.

2 - Is replacing the script in English as simple as simply translating the script and re-inserting it? I'm assuming each box of dialogue has a code and the corresponding text comes up when that code is called?

In the US version there are tables (see the Tools section), where a hex number represent a symbol, letter or digit. I believe it's the same for the Japanese version but I'm not sure how the hundreds of symbols ares managed, since on byte can only have 255 different values.

RPGone has made a translation of the Japanese version to English, you might want to take a look at that also.