It's currently impossible to translate item lore as the Lore name in NBT doesn't accept a "translate":"my.translation" name/value pair as one of its values and gives a parsing error due to not expecting a :.

Steps to reproduce:

/give @s minecraft:wool 1 0 {display:{Lore:["translate":"my.translation"]}}

What I expected to happen:
Getting a wool block that displays the string my.translation as its lore that can optionally be translated with a language file in a ressource pack.

What actually happened:
Data tag parsing failed