I just started and finally got the 50 coin translation program. I was wondering are there any save points in the temple or do I always have to back track out of the temple to save? Also, if I am in the temple and do I have to start all over again or are there checkpoints?

There are more save points - one in each area. They also function as checkpoints. In addition, early on you can obtain an item that allows you to teleport between them - make sure to get it, it makes travelling much less tedious.

Can you tell me where the item is so I don't miss it.

Sure. The item is the "Holy Grail", and it's found in the Gate of Guidance, which is the first area of ruins that you get to explore. There's a tall waterfall near the right-hand edge of the area, several rooms high, pouring out of one of those giant stone mouths. In one of the rooms the waterfall flows through, there's a chest that contains the grail. (If you check the name of those rooms on the map, I think they're called the "Grail Chamber" or something similar.)

In order to get to the chest, though, you have to solve a rather... annoying/bullshit puzzle. I won't spoil the solution, but if you get fed up with it (many people do), feel free to ask for more help.