It would all come down to whether or not Yoshizawa decides to consider it canon, since he's the ultimate decision maker for the series.
I kind of doubt he'd consider it in the same storyline as DtP and Lunatea's Veil, since the comic stated that Klonoa is a kid who's dreaming, where as the games have hinted at something far greater. It still may be considered as a spin-off like the handheld entries though.