Jarius' Daughter

[Jerry]

can one translate it as "my daughter is dying'" as aposed to "my daughter is dead"?

Technically not, because it would require it to be pointed (voweled) as an "active participle", which it is not. Instead, it is pointed as "perfect tense".

Never-the-less, I think your overall point might be valid, and the verse could be written in the following fashion, if one assumes the Aramaic "perfect" tense can be either "past" or "present":

"My-daughter, such-now she-dies, but come, put thy-hand upon-her, and she-to-live".