Please tell me where he said that, because I've been reading his comments and can't find it
It's definitely not for ITEC live, for the reasons you already mentioned. It wouldn't make sense. I believe it will be a brand new project along the lines of Guilt Machine/The Gentle Storm/Arjen's solo album, but it will have a unique sound. Arjen always says his albums are a “reaction to” the previous album, and The Source was more on the heavier side, so it won't be anything similar to that. Not a Star One, that's for sure (which makes me incredibly sad).
At least this is what my Ayreonaut sixth sense tells me haha.
EDIT: I found the source of the confusion.