very bad subtitles, is there any hope?
 

I recently purchased a copy of Pako and the magical book from DVDASIA.com link to product description

the studio is listed as:Studio: Perniagaan Seri Anjung (Malaysia)


The subtitles are so bad that I literally can't understand about a third of the movie.

Is there hope that a version with better subtitles will come out, or do I just need to do my best with this version?

until there is an official English or American release, you are probably stuck. That Malaysian studio didn't make the movie, but the subtitles. Chances are not an official release.

Malaysian vcds are usually pirates. >.>

hmmmmm

I guess then the question is... can I count on there being an English or American release

Absolutely not. Most Japanese movies are not released in the US.