I was going to wait, but I don't believe the NA release is ever coming. I mean, the latest update was in March 2013 only to say it was delayed indefinitely without even a reason. They already have it translated in English, so what's the hold up? Honestly I think they just hate us Americans
I played a bit last year but then had a period without internet access and after all the hassle of trying to get it to work the first time did not get around to playing again until today. It took me 3 days to get the darn thing to work, before I played for a couple hours and got IP banned. Found a way around that, but it's highly annoying
But yeah, I don't think it's ever coming so I would suggest just making a character now
It is very fun, I loved the dreamcast/gamecube version and this seems very similar to it, except obviously with better graphics and more areas and whatnot~ PSO is one of my favorite games