There are certainly differences between Nynorn and Faroese:
1. Nynorn is a monophtongized language, while Faroese is full of diphtongs;
2. Faroese (especially the colloquial form) has indefinite article, Nynorn is free of it;
3. Nynorn has genitive, which is almost died out in Faroese.
4. Faroese is West Scandinavian language, Nynorn shares also some East Scandinavian features:http://nornlanguage.x10.mx/index.php?general#class
There might be a few points more, but we first have to wait until the grammar of Nynorn and its reading rules are finalized.
An automatic translation from Faroese into Nynorn might do the job in 80%-90% cases, but there may be harder cases, when Nynorn uses idioms (and there's quite a many in Jakobsen's dictionary, mostly in their Anglicised form present in the Shetland dialect of the late 1800's).
Yes, we plan to do more or less the same dictionary for Shetland and Orkney Nynorn, with just a few regional lexical differences whenever they still can be found:
Ork. soind 'to die slowly' - Shet. soind 'to show', Ork. skrift 'lean, hard-grown' - Shet. skrift 'crack, fissure', Ork. lerblade 'cormorant' - Shet. lorin 'cormorant'
Piechjo, are you specifically interested in automatic translation?