Perhaps I am not stating this to the correct effect, but the terminology of "Community Project" on ZFGC refers to something that the staff gives full weight behind because of its importance to our focus; in addition to it being overseen by staff members, getting a more defacto role on the forum, etc.
Because you want to run this project, that there is already a Community Project in the Minish Cap Engine, that this is to make a game which limits its use as a tool for the community to use with their own projects, and because a team project gives you just about the same amount of benefits, this should not be considered a community project. My explanation might seem a little odd, but really this should be considered a team project.