When a game is nearly two decades old and has no official support or rerelease?
No I do not.
After a set period of time, I feel absolutely no "guilt" associated with this sort of illegal playing of games. I'd love to have paid Squaresoft money for the game back in the day. I'd love to pay them for a copy now.
But legally, the only way I can buy a copy is to hunt down an eBay seller and buy it that way, rip it to my computer, and then apply the English translation patch. Doing so, functionally, impacts Square-Enix's profits no more or less than just downloading a ROM and applying the patch.
If Square-Enix decided to finally translate and release Seiken Densetsu 3 in the West, some sales would likely be lost because of the plethora of impatient people who downloaded and patched the ROM years ago (or recently), and have already played through it.
If somehow everyone had been patient, or there were a way to actually have prevented people from doing that, I imagine there would be a more frothing demand for the release of the game, and sales would be higher.
Maybe that's just conjecture, but it seems like a reasonable way that Square-Enix's potential profits could be functionally impacted by various individuals downloading and playing the game for free. One might think: but if Square-Enix will never translate the game anyway, then it causes no impact. Well,
that might be true, but there's no way to know that in advance, and, in fact, since Square-Enix knows that tons of people have already downloaded and played it, that might impact any decisions they have regarding translating it and releasing it eventually.
I'm not really invested in convincing you, or anything, and, personally, I don't care much if people want to download those older games to save the hassle, but I just want to point out that the act isn't as morally unambiguous as you make it out to be.
I'd also like to acknowledge that it's actually possible that all of the people who have downloaded and played the game may have a
positive impact on Square-Enix's profits, if they decided to translate and release the game. Positive word of mouth about the game from people who played it years ago, and consider it a classic, could boost sales. We don't really know whether or not this or the previously stated alternative would be the case, however.