I'm pretty sure they're aiming at more than a sample run of machines ...
I honestly can't see this not being made now. They're so far in, and with TimeShock as the theme it'd be guaranteed sales. Even if the existing team choose not to proceed I'm sure there'd be numerous interested parties willing to buy the work and take it to production.
From what I can gather, though they're working directly with the rights holders and original developers, the latter don't want anything more shown until it's really ready to go. Hence no blogs or picture updates - they apparently do intend to start doing this as soon as they're allowed to.
I think Dutch Pinball Open is likely for a close to finished machine. Who builds it is the bigger question.