They'd send us a C&D letter like they did to AC.net once for hosting images of ACC and other SE titles, pretty much. They did that to AC.net back when due to them hosting the trailers, but obviously, the term 'viral marketing' was unknown to SE back then.
And they're sending these letters due to Chrono Trigger and whatnot being their intellectual property and trademark - the fan project used Chrono Trigger graphics and/or designs and the name, which was enough for SE to go after 'em.
On that, I'm actually surprised SE didn't go after AC.net for using one of their trademarks - Advent Children - as the website title / address. That would've made more sense.
Of course, in that aspect, we're safe since TLS isn't registrable as a trademark, afaik

.
I remember some lulz back on FFOF when this dude came onto the forum saying 'We've copyrighted your website name 'Final Fantasy Omega' and we demand you change it!1!1!'. Theirs was a shit and dead fansite, and we had many great lulz. But I made an epic post there stating at least ten facts why they were in the wrong, mainly those being that any and all names containing 'final fantasy' would contain a registered trademark of SE. Plus, 'copyright' != 'trademark'.