Process the pdf's with an OCR program to extract as much text from each document as possible. The extraction should be done page by page, so the extracted text can be referenced to a PDF page#.
Then, provide a searchable/browse-able directory of the extracted content. Each page of text has link to the original PDF page so you can easily open up the PDF to the page the text was extracted from.
I'd also make all text user editable wiki style. Combined with the inline PDF page references it would be super easy for any user to fix up translation errors from the OCR process. Tie in a karma system to the users profile so that edits can be thanked/kudos on a job well done to help with automating moderation of user edits by rating the user's current karma to decide if the edit should be accepted automatically or provided as an alternate version other users can check and rate up if they think it should replace current version.
Maybe mash in an image cropping service so diagrams can be cropped from the PDF and inserted inline with the translated text. Provide simple wiki formatting markup to allow users to format the articles.
Use ad revenue/donations to alleviate/cover hosting costs.
1, 2, 3, go.