Everyone assumes that readers don't care, but they absolutely do. Yan Lianke went from unknown in France to a bit of a sensation, mostly because his publisher switched translators. "Hey, you're a pretty good writer!" they told him, in surprise. In English, try comparing "Lenin's Kisses" to "Dream of Ding Village". Mo Yan gets a big shrug from most readers, and that's largely because his translator simply doesn't have a literary flair in English. Lost opportunities indeed.
I haven't read such a translation but I am extremely impressed that something like this could be accomplished. Poetry relies on language-dependent idioms and subtleties that would seem to be untranslatable. I can imagine the translation being a somewhat new awesome work but I can't imagine it being the same work.