Forgotten Warner Bros Star?

I came across an interesting book at the local Dollar Store, included with the Looney Tunes Big Face Books run in 2000, there was a new story called "Peter Cottontail: In Hot Water".
Could this story have been a proposed pilot for an upcoming Warner Bros star? The designs are clearly inspired by the classic Looney Tunes look, (I like Fausto's Daffy cane head).
The copyright mentions, "Peter Cottontail, characters, names and all related indicia are trademarks of Warner Bros 2000".
I wonder if there were any other Peter Cottontail stories produced?