No, that is not how fair use works. The motive and profit of the parody has nothing to do with fair use in the eyes of the law. Do you think SNL or Mad Magazine get permission to rip popular movies in skits? No.
If Square-Enix had a right to shut this site down they would have done it a long time ago. The fact it's free again has nothing to do with their right to protect their copyright and trademarks.
If it was printed the likelihood of a lawsuit would increase, but it's not a lawsuit they can win. They could try to sue in the hopes that no lawyer would take the case pro-bono, but this is a very clear case of fair use and they probably know that if that happens they'll end up paying all court costs and the attorney fees of whoever represents Brian.
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