the package scripts and project module at drupal.org have been updated to package translations that are branched with the DRUPAL-4-7 tag. Later today, http://drupal.org/translation-status will show the status the Drupal 4.7 translations (if any).
Great work, I started with translation update. It goes quite well, not very much changes. But I think translation status don't work, I committed files yesterday and tagged them as DRUPAL-4-7, but on status page they are shown as cvs.
Have you read the text on the page top? Now it says:
| This page is updated daily by the package script: | it was last updated 10 hours 17 min ago.
This could easily have been before you comitted and tagged the files yesterday.
Goba