I think that modernising and re-phrasing counts, actually. Especially if you're adding cat-inventions here and there! :]
I watch a lot of stuff that started out non-modern or non-english (and my beloved likes to re-write character biographies from fighting games and make them make english sense) and the amount of bad subs or bad hip-shakespeare professionally produced has given me a healthy respect for people who can take dialogue and re-mould it whilst keeping the intentions and the freshness of the original.