So the paragraph in the Theme section reminded me about a game idea I had in the past. I'd like to make a fan-game about a series totally unrelated to Acerola's channel that happens to release a new season this year. I'm making all the assets needed in my own style in the time frame, reinterpreting original characters, locations and music. Is this a legit idea within the jam?

yeah that's fine as long as you do in fact reinterpret everything and don't use any of their copyrighted material