https://jasperhugo.com/
Live translation is a well solved problem by this point — the translation will update as it goes, so while you may have a mistranslation visible during the sentence, it will correct when the last word is spoken. The user does need to have awareness of this but in my experience it works well.
Bear in mind that simultaneous interpretation by humans (eg with a headset at a meeting of an international organisation) has been a thing for decades.
I have the G1 glasses and unfortunately the microphones are terrible, so the live translation feature barely works. Even if you sit in a quiet room and try to make conditions perfect, the accuracy of transcription is very low. If you try to use it out on the street it rarely gets even a single word correct.
This seems like the solution getting ahead of the problem. A series of API requests over HTTP can easily use a persistent connection and will practically default to that with modern client and server implementations. A claim that a more complex approach is needed for efficiency should be accompanied by evidence that the simple approach was problematic.
MCP can use SSE to support notifications (since the protocol embeds a lot of state, you need to be able to tell the client that the state has changed), elicitation (the MCP server asking the user to provide some additional information to complete a tool call) and will likely use it to support long-running tool calls.
Many of these features have unfortunately been specified in the protocol before clear needs for them have been described in detail, and before other alternative approaches to solving the same problems were considered.
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