the new translator is created by highlighting the existing translator and creating a duplicate just as Stuart says.
Trial and error is still likely to be involved - first get the input units right. Site stuff is probably meters. This is done inside the translator settings. Set it to something and then open the file. Ignore the size of the text for the moment and just get something on screen that you can measure.
Once you are assured that the input scale is right you will also have to then set the scale in the 2D window to something useful - if 1/8" to the foot is the default, you won't want that. Try setting it to 1:200 or greater (or imperial equivalent). This will adjust the text size to something that makes sense.
This last part is in response to the question the translator asks about the scale you want to display it in. I've never once got what I wanted the first time, but I do it too infrequently to have a standrad in place. Shame on me.
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