The translation is virtually correct, but could be translated more efficiently.
The texts "O JUSTO" and "El Justo" are more collective nouns, than singular ones. So it is best to say "The just will live for faith" as opposed to "The fair person will live for the faith" because it refers to all who are just or fair, and not just one person. Also the article "the" is not needed to refer to faith in English.