Yes, ADB Busboy will work with combo devices that have both keyboard and pointing functionality.
I probably won't have the media key functionality done in the v1.0 firmware, but it is one of the first things I would add as a firmware update. The firmware can be upgraded, so one can get new features as I add them.
It won't be possible to turn power on from the keyboard. In order to do that, the keyboard has to be powered on (at least in suspend mode). Since ADB Busboy is powered by the ADB bus, it can't power the keyboard while the computer is turned off. I looked into having a battery that powers the keyboard in suspend mode while the computer is powered off, but the battery would last less than a month. The other option would be for the ADB Busboy to be powered externally instead of (or as well as) over the bus. This required too many additional components and cost. That button you see on the PCB render next to the ADB port is the power button. Instead of pressing the keyboard power button, you'll have to press the button on the ADB Busboy.
Thanks for the feedback, lameboyadvance and Huxley.