Isn't there one already? Someone translated some version to Brazilian Portuguese, but not the last one... if you want to pick up the job it shouldn't take to long since you would build on the existing translation (assuming the sources are available... rusty or jiri should confirm this).
Yes, exactly, this translation exists you can download it in MediaMonkey 2.4 Language Pack 1.1 (see Download page). It's a bit outdated and so anyone is welcomed to make some corrections there.