Well there are many types of email that potentially can be sent.
Not just registration.
the logical location in the past is the language files.
Now I agree it would be nice if we could segregate some of those language files a little more in the future.
As well as a tool to test some emails so we can see what our edits made.
Currently it is cumbersome to say test a registration.
Create a fictitious user with a unique email.
read the email.
Then delete the user and edit the message then start over again.