For there to have been a novelization of WCP, it would have had to been ready for release about the time the game was released to the public. Now, it's too late, as the game is already 'past tense' as far as the gaming world is concerned.
And as for whether Telep could write a book, not without opening himself to a hefty lawsuit. Wing Commander and it's associated characters are trademarked by Origin. His and Forstchen's access to the WC universe only extends as far as the contract they have/had (respectively) with Origin for the specific books.
(And, technically, anyone who writes fanfic is breaking the law... it's just whether the owners of the original properties will bother to pursue legal action. Paramount (Star Trek) will, but so far Origin's shown no inclination to get anal about it.)
Of course they do, but why would the sales of Prophecy be any lower if it wasn't released when the game came out? It's mostly the WC fans that buy them anyway, would they care if it was released 3 years after Prophecy.
Uh excuse me Mr.Cat, sir, but would you mind like ceasing fire for a little while so we can barbecue your god-ugly asses? Todd "Maniac" Marshall Wing Commander Pilgrim Stars