buddy_api_translation makes reference to a hook that doesn't exist

On line 40 of the the buddy_api module there is a reference to the hook_api_translation(), however, from what I can tell this hook doesn't exist yet.

Would you be willing to let me write a section of code that gives the user an interface for writing in the text that they wish to have for each of the translatable strings?

I have hacked the module on my site to change the text, but it isn't ideal.