I once did my own fan subs for an Ultraman series, but it was so tedious I stopped after 3 episodes. After that I only translated and did srt files which were much easier since I can forget about typesetting, karaoke, and hard coding. My Japanese's not that good, but you don't need to know much to understand a Tokusatsu series such as Kamen Rider or Ultraman.

As for this sub group, good luck and I'd love to see a parody :P

By the way is there a Devil May Cry anime coming out? I didn't know that, but it sounds awesome.