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If you are using the redreamcasted mod you can simply open the dcsubs.tac file with a hex editor, like HxD, and search & replace the text string "Cool Z" for "Cool J" (minus the quotes). Replace all and save. As long as you don't add or remove stuff that should just work.
 
I've uncensored his name in the latest version. They didn't do a very good job changing his name in the Dreamcast PAL version anyway, because others call him Haoyi but he still calls himself Hassan.
 
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