Disclaimer: I'm not experienced, but I've learnt a thing or two about it through studying the language.
People certainly do translate manga and anime, and it's even possible to do this freelance. It generally falls under "general" translation though, which means the pay is crap, but perhaps a good route into the industry. You can find work on sites like Elance and Freelancer, but without at least N1 and a bit of experience, you might find it hard to compete. They're worth checking out to see what people expect of you, and some of them require you to translate a short text to judge your ability.
Degrees aren't prized by all employers, kind of like with business management courses, and it's even possible to find technical translation work without the relevant qualifications. It's the practical skills and experience that they're after. Of course, a good academic background never hurts the prospects of a budding professional. If you're totally new to the idea of translation, you might want to check out some of these links.
Honyaku Google Group is a J-E community of pro translators.
Translator's Cafe to see some real examples of things people struggle with (check the forum and blogs too).
SOAS tips on J-E translation
GITS tips on J-E translation
I saw that there were a lot of results simply by Googling "translating manga" too. If you still think it's probably a pretty easy job that you could do by passing N1 and having a good level of Japanese, you might want to get yourself a copy of
The Routledge Course in Japanese Translation for a bit of grounding. There are so many potential pitfalls that you may never have imagined, even if you've practised translating by yourself, so it's well worth studying some materials specifically on translation methodology.
Remember that an expert understanding of Japanese is pretty much presumed; what you'll be selling is your beautifully crafted English sentences, so make sure that you have good knowledge of English grammar/syntax. If literature is your eventual aim, you might even want to take a course in creative writing. I think translation can be a rewarding and interesting job, as long as you are aware that it takes hard work, and that there's a lot more to it than being bilingual.
Try making some posts on the other forums and doing a lot of research before you make any big decisions, and good luck with whatever you decide to do.
I'm so excited! どもありがとうございます！