Suffice it to say, this project is going to get sued out of existence either by Activision, Epic Games, or Nintendo. There's a very good chance that Dyack's going to take the money and run. People quit Silicon Knights because they believed Dyack was either incapable or uninterested in making quality games. (Source.)
Your skepticism is understandable and completely justified. However, I doubt Dyack is going to "take the money and run" since he's been trying to make Eternal Darkness 2 for years now and Shadow of the Eternals is essentially what that is. I remember that article you linked. Silicon Knights secretly working on a follow-up to Eternal Darkness is partially why X-Men Destiny sucked so hard.
The trailer attached to this project looks a little too advanced for game from a new developer seeking crowd funding so it's not difficult to imagine where they got the funding for it. I'm not saying that makes everything that happened with X-Men Destiny okay (far from it), but if anyone was willing to take a chance on supporting a project headed by Denis Dyack, this would be the safest one. You could at least count on him to take it seriously.
Still, even as someone who really liked Eternal Darkness, I'd have a hard time contributing to its development due to a variety of factors. Shadow of the Eternals may very well turn out great if it gets made. However, Silicon Knights was never able to keep a deadline even with projects they cared about so I have no reason to believe Precursor Games will either. I'm also skeptical that they would ever complete all 12 episodes. My understanding is that this crowd funding is for the first episode only. Are they hoping each episode is popular enough to fund future episodes? I don't know if the concept it strong enough to be that popular. If your claim to fame is a cult game and you're trying to make something similar, you should probably lower your expectations. Twelve episodes is perhaps too ambitious.