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Previous patch and results were against source code before committing fast_translate.patch. Here is a patch synchronized with current code.
translate_timing.py results:
 unpatched patched
Testing 1-1 translation
str.translate 0.5265426559999469 0.6120695240006171
str.translate from bytes trans 0.2608634099997289 0.32327288200031035
Testing deletion
str.translate 4.331346814999051 0.7960810519998631
Testing enlarging translations
str.translate 4.392650978999882 0.9280614529998275
translate_script_ascii.py results:
---------------------------+------------------------------+-------------------------------
Tests           | translate_script_ascii.fastA | translate_script_ascii.cached2
---------------------------+------------------------------+-------------------------------
replace none, length=10  |         1.54 us (*) |         2.07 us (+34%)
replace none, length=10**3 |         10.5 us (*) |            10.6 us
replace none, length=10**6 |           12.6 ms |          12.3 ms (*)
replace 10%, length=10   |         1.69 us (*) |         2.31 us (+37%)
replace 10%, length=10**3 |         10.6 us (*) |            10.7 us
replace 10%, length=10**6 |           12.6 ms |          12.1 ms (*)
replace 50%, length=10   |         1.69 us (*) |         2.31 us (+36%)
replace 50%, length=10**3 |         10.6 us (*) |            10.9 us
replace 50%, length=10**6 |           12.6 ms |          12.3 ms (*)
replace 90%, length=10   |         1.69 us (*) |         2.26 us (+34%)
replace 90%, length=10**3 |         10.6 us (*) |            10.7 us
replace 90%, length=10**6 |           12.6 ms |          12.2 ms (*)
replace all, length=10   |         1.07 us (*) |         1.68 us (+56%)
replace all, length=10**3 |         9.28 us (*) |            9.46 us
replace all, length=10**6 |           12.6 ms |           12 ms (*)
---------------------------+------------------------------+-------------------------------
Total           |            63 ms |          60.9 ms (*)
---------------------------+------------------------------+-------------------------------
translate_cached_2.patch little slows down translation of short ASCII strings (due to cache initialization and freeing), but speeds up deletion and enlarging and works with non-ASCII data.