Actually, it would also be valuable for the person doing the translating to know something of the historical context. In any case, the main argument behind taking arsenokoitai to mean "homosexuality" is rooted in the speculation that Paul was trying to translate the Levitical term, mishkav zakur. This is the official, deeply researched argument for it, and I contest it. The reason that I can do so is that, as an outside observer, I have less compunction with holding Paul to be as fallible as any other human being, and I feel much more comfortable with treating his letters to Corinth as exactly that. In any case:
1) Arsenokoitai still wouldn't be the most accurate translation of mishkav zakur. I'm not holding Paul to any unreasonable standard here. The Hebrew term itself is difficult, in the first place. For example, a very similar term, mishkan, is a word for "sanctuary." Browsing through several entries in Strong's Hebrew Dictionary, I am sort of getting the impression that mish generally refers to something being seated within a cavity. I get this from the fact that one of the words containing this Hebraic term referred to the setting of a diamond, and other words tend to refer to things like "private study," "place under a cliff," etcetera. I'm a bit worn at the moment for pursuing zakur, but I think that it's safe to say that mishkav zakur can mean either[/i] "performing anal sex on a man," "raping a male slave," (based on the earlier condemnation of male temple prostitutes), or "having secretive, shadowy dealings with other men," (a rebellious cult, for example, many of which rocked Ancient Egypt and nearly tore their civilization to the ground). However, in the context in which it appeared, it's probable that Leviticus was saying "don't put your thingy in a man's rectum. It's filthy." Stronger language is used in most versions, but such strong language is not canon with the remainder of the work. The other types of relationships that were condemned were spoken of with mild, "common sense" type language. The book is just saying "I find this stuff really gross. Take that nasty stuff somewhere else" (Lev. 24-30) In any case, Paul was not clearly trying to make an exact transliteration of the term in Leviticus, and far clearer language was available. An either made-up or local term like arsenokoitai just doesn't convince me that he was terribly eager to condemn gay men.
2) As a Pharisee, Paul was not ignorant as to how Levitical law worked. If you actually read the thing in its entirity instead of treating the whole Bible like a cafeteria, you'll understand what I'm talking about here. If you haven't read it thoroughly and with understanding, you'll just be confused. Paul, as an expert, would have been perfectly aware that Leviticus is highly nuanced. Rather, it is directed strictly at the people of Israel. Read the Lev. 18: 24-30 and the entirity of Lev. 17, and you'll understand that the laws in Leviticus are explicitly for the land of Israel, and Paul (pardon me, but I play on the assumption that the man acted with common sense, rather than moronically. I apologize if you have a sincere and heartfelt belief that he was an imbecile. I don't mean to offend) would have done a great deal more explaining than he did if he had intended to apply a law intended to keep Israel's act clean to all of Mankind. This would have been a strange "change of plans," so it would have called for extensive explanation. Again, it's highly unlikely that he intended to refer to Levitical law.
3) Lastly, even if Paul actually did intend to resurrect Levitical law, he would have been clearly in the wrong. Although I give Paul much more credit for common sense than the Christians do, I also recognize that he was just one of the founding members of the Church. He wasn't there to tell people the law of God. The actual fact of the matter is that Paul was a highly opinionated and strong-minded man, so much so that it often got him into trouble. He would have had to be, or the Church may never have been founded. He had all of the personality traits of someone who was born to lead and to organize. Although it was Paul who proclaimed that the death of Jesus marked the beginning of a New Covenant, a new era of Mankind, he did not have a right to overrule or speak on behalf of Jesus or his Heavenly Father. Paul's letters may have been filled with a great deal of wisdom, but we have to keep in mind that they were also mostly the opinions of a man. You know what a man is, right? It's one of those limited, finite creatures that should be forgiven and expected to make mistakes. Though I find it doubtful that Paul did any such thing, based upon the context of the remarks in which he is alleged to have done so, Paul did not have any business trotting out an old law from Leviticus, particularly since it was originally intended as part of the law of Israel.
Now, Reverend, I know that you, like Paul, are very headstrong. However, I think it's time you put this aside and demonstrated a little humility on this issue. It won't hurt you. There is no clear evidence that Paul was referring to gay men, and, even on the assumption that he was, the remarks you're taking as such do not seem to be intended to have centuries' worth of repercussions. Furthermore, do accept Paul for the man he was, and keep this understanding in mind next time you read what he has to say.