I’m in a similar situation – I would be happy to pay for this as an extra $25 module (for example).
In terms of getting it to work here is some info from the WPML forum:
“….You asked: “I would like to know more about the way translated posts are linked in WPML so that I can recreate the links while importing.”
In short, WPML stores data in the database and specifically in the tables prefixed with “icl_”. When a post/page/taxonomy is created WPML will automatically create a record for it in the “icl_translations” table.
It then connects the original content to its translations using the integer value saved in the “trid” table column of “icl_translations”.
The above is illustrated and explained further here: http://wpml.org/documentation/support/wpml-tables/
You may find the WPML API functions of help located in sitepress-multilingual-cms/inc/wpml-api.php