The general concept is cool.
I love how the game looks and sounds... at first. How passage to dream world was done is not pleasing to the eyes at all. Some arts are not displaying, like the destructible wall in the gym pool. But the characters look good, they have this fun, goofy vibe about them.
The mechanic and level design could use some work. I don't see the reason to use some of the sketch like the boat, the candle, the arm and the anvil. The tutorial for the boat didn't even make sense (to me, at least). The jock won't fall into the hole sometime. And the bully on the small platform is really unfair placement. I won't mention the softlocks, there are a lot of comments about them already.
In the library, the power didn't come back after the game told me it came back, and the door in the back doesn't seem to do anything.
I imagine all these systems must be a lot of work to do. The game as is kind of fun as it is. The art direction is in the right track, just needed some bug fixing and polish. Great job on the game, this game has serious potential.