You might want to hold off until you've gotten confirmation that Kael wants someone to do this, otherwise you'll end up spending a lot of time for nothing. I think Kael prefers to make changes -- including correcting the text file -- himself.
I know a few versions back someone posted that he had gone through the text file and offered to upload it, but nothing came of it.
Similarly, not long ago I cleaned up all the "effect/affect" things in the text, as well as some other typos I had spotted, and uploaded a zipped version of the text file, but again nothing happened with it.
So you may be best off simply reporting in a post on this thread the mistakes you find in the text file and letting Kael input the changes.