I think being able to translate mei is an important aspect of collecting Nihonto, and it can be surprisingly fun; a bit like solving crossword puzzles but much more fascinating and meaningful. I have tried to learn this skill for a couple of years, and although I have improved a lot (that's easy when starting from zero), I am still a beginner.
The tools I regularly use include:
Kanji table in Yumoto's book The Samurai Sword
JSSUS Nihonto Kanji pages (link on the top menu)
Nihontoclub swordsmith online database http://nihontoclub.com/view/smiths/meisearch
Hawley's Japanese Swordsmiths (annexed supplementary aids are useful!)
NMB and Google searches
Oshigata reference books for verification
Online Kanji dictionaries:http://www.saiga-jp.com/kanji_dictionary.htmlhttp://nihongo.j-talk.com/kanji/
I do not think there's any other way to learn to translate than doing translations. I personally thank all the more experienced NMB members for patience towards my own learning efforts!
So please just try it!