Goethes influence on german philosophy (and a lot of other fields) was tremendous. And i think its possible to discuss this on a scientific level. It's even possible to understand concepts like "faustian" as you mentioned. It's just a synonym for something that you once desired but that will haunt you forever now that you have it.
I would still think its damn impossible to understand the beauty of Goethes poetry without speaking the language. The whole book(s) is made of perfectly rhyming and flowing poems. I wouldn't even know how to translate a single line of it.
My guess is that english translations cover the story but nothing beyond that. And probably it's the same with Shakespeare translated to german. I'm not really an expert tho.