US Neo Geo CD systems are extremely rare, Far as I'm aware only the Model 2 version was released in the States. The best way to go is find a modded system with a region switch. I have one like this and I love it.
They might be a little more then a Japanese model 2 but will be cheaper then what people want for a US model.
To be honest, most games on the Neo Geo CD you really don't need translated. Most of the good ones are Fighting and Shooters. Looking through my collection the only ones that are hard to play are the Japanese only releases like Samurai Shodown RPG or the Quiz games and these will still be in Japanese on a US system.
If you find a Japanese Neo Geo CD at a good price, go for it.
Side note, like the AES, a US Neo Geo CD (or modded one) will play "most" Japanese games in English.