Working on translating WPMU theme: which method to choose


I'm discovering buddypress and enjoy, and I'd like to incubating a social project based on it.

The facts are:
- buddypress is moving to 1.2
- Your theme are moving on this version.
- Your premium themes are not supporting language .po and .mo files. Are they ?

So I'd like to organize the best way to work on "boxed time" project and translating to french the Corporate or Business theme. I started 2 days before and - PAF - there is a new version of it :slight_smile:

So my questions are:
- Do yo suggest me to working directly in the template files and translating them or is it another more productive method (.po & .mo) ?
- Is there a place for sharing translations of your templates ?