If you are using PDMLink already then you may be in luck. I understand that PTC has developed a Translation Management piece for Windchill which will handle the association of Master/Translated topics, and also provides a basic workflow for sending update packages out for translation.
This was only shown to me as part of the PTC Service Center product, so I'm not sure if you can acquire it separately from that product or not. You may need to contact PTC product management about the details.
The alternative would be to add this type of customisation to PDMLink yourself (*shudder*) or go "stone age" on it and use a spreadsheet for tracking.
