Nothing pre-baked, but it sounds like you are considering the same approach as I would suggest. 

Catch a publish event for the Page, programatically create a project, add required items in there for updating, etc. Pretty loose but sounds like a logical direction

That sounds like a great use of Projects Marcus!

Thanks Henrik 

Also, don't forget that projects also has the ability to generate industry standard (xliff) language translations packages which could make your life even easier when working with 3rd parties for translation services

Thanks Marcus. I want to do something like this:

MLE makes changes (may, or may not publish them).

LLE gets notified of changes, and can see what has been changed.

LLE translates the changes and publish.

MLE = Master language editor

LLE = Local language editor

I haven't worked that much with Projects. Can this be done using Projects?

This must be a pretty common problem?

The way it could be tackled is as follows:

As the MLE changes a piece of content, I believe that the SavedContent event will be fired.

Intercept this event and then programatically create a new project (if one doesn't already exist) with the name "To Translate". (This project can be used for all content items that require translating following the update). 

(If desired) I'm fairly confident that a comment can also be programatically added against the content item in the project, instructing LLE users who are responsible for the translation to address this. This will then notify those LLE users through the UI and by email via the notification system. 

.....

As content items are updated in the Master Language, then they will be added to andaccumulate in the Project, and notifications are sent to LLEs for translation. 

At that point, LLEs can log in and create the translations, or language connectors to translation services can be employed to translate the content.

.....

I suggest spending an hour or so playing with the APIs to prove this concept, before accepting it as a final solution but please let the thread know how you go.

and add "developer resources" on top of all this... ;)