This sounds like a good solution. It would probably require a little bit of hand coding to do this efficiently. If you had one insert or update server behavior and looped on the supported languages... then you could name the form elements with the appended language id and loop through updating all of them.
This is something I could help with in a premier support ticket. It is definitely possible, but requires some careful setup and a few lines of code by hand to pull off. The heavy lifting can be done with Data Bridge, but some of the intricacies need to be done by hand. Do the database the way you are describing since that seems like a logical structure.