Love-de-Lic SORT of disbanded in 2000. They actually split into three companies at that point -- Vanpool (the guys who made Tingle RPG on the DS), Punchline (the guys who made Chulip and Rule of Rose) and Skip (the guys who made Chibi-Robo, Giftpia and Captain Rainbow). Nishi himself founded Skip, I believe, so chances are Skip currently owns the rights to this game -- though with Skip being largely funded by Nintendo now, I'm not sure what sort of exclusivity contracts might be in play.
The sun has most likely set on this amazing title (which is indeed one of my personal favorite titles on the PS1, and probably one of my top 10 favorite games I've ever played)... but if an opportunity to work on it should ever present itself, I'm pretty sure we'd be all over it. Or I would, at least.
-Tom