Approaches to bilingual support

Creating my first bilingual application (french-english).
I anticipate actually creating 2 different unilingual applications. I also anticipate last minute text changes from the client and want to try and accommodate for this.

Would the recommendation be to try and keep ALL text dynamic and loaded at runtime, or is the extra work involved(loading, parsing XML or.cfg files, etc) not worth it?
ie I might end up spending an additional 2-3days production time for dynamic text to save what would amount to a few hours of work to simply recompile the application with baked text changes.

If you know it will be fixed to two languages, I wouldn’t go for loading it at runtime. Just switching between two versions of the interface is more flexible and will probably save you time in the end.