Yes, some Rakugo stories can be successfully translated into English. One such example is Rakugo by Katsura Sunshine, a Canadian Rakugo performer who went through the traditional apprenticeship in Japan.
Also, one of the best known stories "Shinigami" (The God of Death), was adapted from a fairy tale by Grimm Brothers. The reverse of this should work as well.
Having said that, it's a matter of personal preference whether one finds it funny or not just like any other form of comedy.
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