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To add to above, with some language pairs where the major machine translation providers (e.g. Google Translate) have had access to very large text corpora to work with and which are relatively straightforward in their grammar and syntax, you might get a result that is approximating something "readable", i.e. something that will to a large extent make enough sense that you can get a relatively accurate idea of what the text is about.
You will not get good, polished, always accurate text regardless of the language pair chosen or the subject of the translatable text.
For fiction/literature, machine translation in its current state is .... let's say that I would never, ever use it. For non-fiction where you have some real need or desire just to get some understanding of what a text is about (news articles and such), it has its uses.
Anyway, yes, Doitsu is correct: if you just want to translate a mobi/azw file yourself, that workflow looks like a good way to do it. (You could also do it for machine translation, using the HTML files as input texts, but as said above, it's highly unlikely that this would provide a decent result.)
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