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I do what you say in your edit. Read in Spanish on a kindle and just look up the words you don’t know. If you’re conversational it should be fine. If you can’t figure out a word’s meaning from context and a dictionary entry you might have to only read the translation.
Personally I always go for reading it in the native language because translations usually suck butt.
For Borges specifically, I’ve only read it in translation (as someone who can only read English), but I feel like there’s enough nuance there that I’d prefer a translation. Maybe start by picking up a translation and a simplified version of a book in each language and see how it compares?