The problem is that none of the many offical websites and magazines in Japan haven't announced this officaly. So there are two options:
1) This thing is a lie and never going to happen. Someone made it up.
OR
2) The information got leaked and this indeed is going to happen, but they just haven't made the offical announcement yet.
I'd prefer the second one ofcourse, but I suggest not to get you'r hopes up too high...
And, Yoshiki has ALOT of work with VUK, I'm sure everyone knows that. The later this band comes true, the less he'll have to work on 2 projects at one time. Becouse I sure care about Yoshiki's health and if he's up, working on VUK/Myspace over 15 hours a day as it is, then another project won't help it... The best version IMO would be that he starts this project AFTER the release of VUK (first) album (and the needed promotional concerts).