After two months of research and sleepless nights. I have produced a tentative translation to Cancelmo's Stone. The Dwemeris is impossible to translate, while it is obvious that it is an intelligently made language with it's proper grammar and distinct words, there is practically no background in any of the Elder scrolls lore to help. I did study extensively their buildings in order to better understand their naming. All I could come up with was a few identifying traits in the structure of the words, such as MZ, ARKNGTH, BTH and NCH. Not much to go by as the could mean anything from Fortress, Science, Storage, to Magic or People. So I based my focus on the Falmer part of the Tablet. Transpotting the letters to our Roman alphabet we get this:


ye sa sou meldi calne tarn va molagnensaliye trumbi nou bala
ilpen av sou meldi nagaiale as guntumnia spantelepelaelia arani morae
ye sou liebali racurane ye nu rautane sye ye nu hautalle nou buroi
gune sou gravuloi sa metane sye garlis frey as gondra doemera tarcel
lane sou agea silya nu hecta sou arcten rias nu nemalanta ge nu hecta sou epe
gandra rias ne nemelauta ge nu frey sepe sye arcta varlor denai
cullei noue staneiaye ry sou alasil auta ry loria shenta abagaiavoy
malautavoy fey nou darre ye alata rou malae asma maraga sou anyamis
av serven ye getheng sou wend riarilia vey emeratu sou oia besia

There is a lot of commonality to the Ayleid language that can be found throughout texts in the games. Words such as Meldi (Driven) and Gondra (Gift) are almost exactly as those found in books like the Ayleid Reference Text or through gameplay. Some words are varied as could be expected from a dialect. After gathering everything I could from the games and lore, I took to the internet to find whatever I could gather. I found a partial semi speculative translation in The unofficial Elder Scroll Pages. I cannot post the link. It is under Falmer Alphabet.
They only translate the words that are given, so much of the stone remains illegible. What I have done is apply the scientific method of dreaming up what the words missing could be and fitting them. Most of all tentative translations are done this way, it sounds preposterous but until there is a better understanding of the language this is the best we can have. There are still words that I cannot fanthom so I left them in their original state and out them in brackets. Again this is not the actual translation it is tentative.

And your People driven away, pass into our Halls of Fire, and threaten our power.
Those of yours driven to their deaths by the invading human terrors, Kings of the Woods.
And your stone trees brought down. And you crawl to us and you will become our vassals.
Hide your people's uglyness beneath our cities. Agree by giving [Doemera Tarcel].
[Lane] your history erased. Set aside your Knowledge speak no higher truth. Set aside your [Epe].
Gifts. Never speaking against your masters. You agree to acknowledge a lower-cast status.
Follow our orders as your gracious saviours. As darkness comes have no fear.
Truthfully trust our promise we will watch from up high. By what [Maraga] your lives.
In [Serven] and gather your offspring. Believe in us as we guide your eternal souls.

If there is a way to get Bethesda to confirm or deny any of this please let me know. I am anxious to see at least some of my effort was not a complete waste.