According to a new interview with Telltale CEO Dan Connors at Computer Games magazine the first Bone game is slated for a Fall (3rd Quarter 2005) release. Also a bit more is revealed about any divergence between comic and game storywise;
Dan Connors - We plan on executing the story as it is told in the comics. There will be added interactivity and we will take some license, but we are trying to stay true to the comic... For our first design meeting we just sat down and started walking through the compendium. The first book "Out From Boneville" just seemed the perfect size for our first game. It's a good introduction to the characters and the world, and has plenty of elements that make for interesting gameplay. Going forward into the rest of the story we will take the same approach
Source: Computer Games magazine
I too lost sleep over the brow.