In terms of the Lite version, the tab phrases, created by, edited by, etc will be changed only if there is a translation for them in the language of the Quick Language Chooser. If the phrase has not been translated, it will use the MASTER LANGUAGE version for that particular phrase.
This is the way most phrased vBulletin mods work, and the full version would be the same way. If you have more questions about the Premium version specifically, you should join the main vaultwiki.org forum or use their contact form.
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