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Moreover, providing a full copy of my site in another language and linking the two on the home page, would that do any harm / penalise me? After all the content would be identical its just the language used would be different
Can anyone provide more info in this area? Methods of translating quick, accurately and cheaply are also welcome!
A cheap method to do this?
DIY. Else find a translator. There's no way around it. Don't even think about automated translation - it does not work.
Linking: I don't see a problem with SEs thinking it's duplicated content.
So I would recommend a deeper targeted crosslinking. It's the same basic process as when linking any two sites together.
That said it's clear both sites need incoming links from different sources.