Spencer Yip from Siliconera speculates that Gakkou no Kaiden DS will see an international release, which eases our minds a little bit. Something to be aware of for those unfamiliar with Ghost Stories, though, is that the game probably won't scare you. Even though it can be considered a horror title because of the subject matter, the animations and tone are meant to appeal to younger teens.
This also won't be the first Gakkou no Kaidan software in existence. A game based on the anime and manga was made for the GBA four years ago, but was essentially a compilation of minigames. The DS version thus sounds much more enticing.