I'm currently working on making subtitles for the Hetalia Seiyuu Event 2011 video. I'm using the original Chinese subs and an English translation of the Chinese subs as references. When the project is finished, it will have a BETA release, as it could have some inaccuracies. So, just let me know if you want to work on the subtitles project and we'll talk about it then.
BTW, I'm using Aegisub for making the subtitles.