Over the last few years:
Final Fantasy PSP - 2 months Japan-NA
Heroes of Mana DS - 5 months Japan-NA
FF 12 Revenant Wings DS - 7 months Japan-NA
FF Tactics PSP - 5 months Japan-NA
Itadaki Street DS - 9 months and counting... receiving a 2008 release in NA
Front Mission 1st DS - 7 months Japan-NA
Final Fantasy II PSP - 1 month Japan-NA
Dragon Quest Swords Wii - 7 months Japan-NA
Dragon Quest IV DS - 5 months and counting...
The World Ends With You DS - 8 months Japan-NA
Final Fantasy XII International PS2 - Not receiving an NA release
Final Fantasy Crystal Chronicles: Ring of Fates DS - 7 months Japan-NA
Crisis Core FF7 PSP - 6 months Japan-NA
Final Fantasy Tactics A2 DS - 5 months and counting...
Final Fantasy IV DS - 3 months and counting...
Star Ocean PSP - 3 months and counting...
Chocobo's Dungeon Wii - 3 months and counting...
Given that they have approximately 7 months worth of backlogged games to burn through, the only way they're going to be able to catch up is to: a) Not localize a bunch of games, b) Lull releases in Japan, or c) Massively bunch up their US release schedule.
Assuming they schedule all of their remaining to-be-localized releases over this summer (so, The World Ends With You, DQIV DS, Tactics, FFIV, Star Ocean, Chocobo's Dungeon), stagger their spring-summer Japan releases until the early fall (DQV, Star Ocean 2, Dissidia) they could pretty conceivably do worldwide releases starting with DQIX, The Last Remnant, DQVI, Infinite Undiscovery, The Crystal Bearers, and FFXII.
The only problem is that that's a REALLY tight summer-fall release schedule. Bare minimum 9 releases from April-August.