Thank you! Oh, it can absolutely be played both ways! As a standalone product, you'll probably need some heavy lifting of your own in terms of oracles. The main dice roll covers the equivalent of a Yes/No Oracle, but there are no random tables for other things, nor there is a designed structure of play.
I think it would work quite well with MGE or other tools, the main intention of Kismet is to bring all the stuff you like from other games and rely on a single roll for the conflict resolution mechanics, so you can combine all you like into one experience