I don't understand what "do something with it" means; do you mean develop a story that goes in its own direction from the standard edition? No, he's not, that would be essentially making two games at once (Selebus has said that writing is by far the most time-consuming part of making LiL). I've played through a lot of it and large portions are very obviously missing things (the happy events and second Halloween is really obvious this way).Yeah that doesn't answer the question if the SFW game is just going to be a joke to get back at patreon or if he's actually going to try and do something with it.
That said, it does have unique characterization, after a fashion. The girls in the SFW version have their character traits greatly exaggerated versus the standard edition, in ways that are pretty funny. So if you have time to kill, it's worth your time to skip through and see what's different.