It is good, it is a big improvement and there is room for improvement. The work flow of an SVG image goes something like this:
- find an SVG image with translatable labels
- find the tool to translate the label
- translate the labels
- check out the SVG with the newly translated labels
- upload the SVG to Commons
This would work well when there is a magic formula to evoke the upload wizard. A formula can be found because a translated image is after all a derivative work. All the information of the original applies and the only thing left is to credit the translator. With the upload wizard ready at the end to make all the translated images available it would be heaven.