Lots of things happen right at translational lift. But what happens will depend whether you start from IGE or OGE.
IGE- at about the speed when 'translational lift' happens, you'll probably be over-running the ground vortex, so you might see a drop in height. You will probably see (if you're looking) a decrease in torque / increase in RPM with no movement of the collective as the increased induced flow reduces the induced drag on the rotor. THere should be no reduction in collective, unless you do something other folks don't do.
Hope that helps to clear things up.
S.