Newsletter translation English to Spanish

Hi. I've read here and in Help that CC does NOT have translation services (e.g., English to Spanish) at this time but that you're considering it for the future. Is the work around to translate it ourselves and create a separate email newsletter in Spanish essentially duplicating the English version, pairing that with a list of recipients who receive the Spanish version?

Here's a second question: I see we can change the non-editable text. Since we'll be managing BOTH English and Spanish, can we simultaneously have BOTH versions of non-editable text available? In other words, BOTH English and Spanish would live in our account at the same time and we can choose which to use with our newsletter language version.

Thanks for your insights.