I think BuddyPress Codex could stay in a wiki install just like the WordPress Codex. Because BuddyPress docs is still small, I think we could test the Translate Extension for wiki installs. I suggested to use this extension in WP Codex here.
The mess is: we don’t have 1.5 translations there in GlotPress, and the active branch is for 1.6 beta?! I found that users looking for translation end up donwload the future release files instead the current version :S