Yeah, that's the idea. The point is to properly decode all the script commandes used in the game to produce a readable script output. I believe such a thing was done for CT before. In the case of those debug string that are present in every room, decoding the field script indicate that squaresoft duplicated a debug entity in every room. That entity (usualy the last) is always active and waiting for a specific input to show the debug menu. That input is passed by an engine variable that I called scriptVar3. If scriptVar3 & 0x08 is set, the debug menu will show up.
Disassembling the script can also give insight about things that were leftovers during development, other yet unknown debug features, ...
About that debug room, just to let you know, the character on the left allows to modify the current party composition. As most of the characters are not present in the demo data, it will crash if you try to add to the party an character missing from the demo. The character in the center is the "go anywhere" character. First choice is go to room by id, second if go to room by place name (like Arni village A/ Arni village B). The last choice let you go to the planners room (not present in the demo data). The top right character is a shortcut to the planners room list. And finaly the bottom right is the sound test character that allows to test music and sound effects.
I'm not sure the debug room can actualy be reinserted into the main game data. The reasons is that the debug room text is japanese and may not work at all in the US build of the game. And if it somehow worked, the text would probably be completly unreadable (there is no japanese font in CC US afaik). So all the text for that room would have to be rewritten. Also, don't forget that this debug room was taken from the middle of the development of CC. Not all characters (and probably places) weren't finalized yet and later modification would not be present in the debug room. So, reinserting this debug room is probably technically possible, but would require a lot of modifications for it to properly work. So it will never be the "real thing".
As a side note, has anyone ever checked if the japanese version of CC included room 0-8? I can't remember checking that personnaly back when I was hacking the game (I used to compare the US/JAP version of files to see where did the game text was hidden).