Seems to! I like it a lot.
I found another tie-in with Shining Force III, this time in terms of graphics. Below is a statue found in the Tower of Illusion dungeon, the one I'm in now (which was a huge pain in the ass to get into, btw - I looked up the answer. You walk around this area a certain way and it opens. The clues are cryptic and the order you do it in is not clear. Thankfully, once you've done it a single time, you don't have to do it again). This is the statue in Shining the Holy Ark:
This is one of the Great Priests in Shining Force III:
These guys are not explained in depth in Shining Force III - there are good and evil ones, it seems. The one above helps you, but you fight three "evil" ones later on. So you know, that's all neat. Apparently at the end of the dungeon I'm in, I'm going to "evolve" which was a plot point in Scenario 3 of Shining Force III - what's weird is, if it's true that I "evolve" at the end of Shining the Holy Ark here, that kind of contradicts what happens in Shining Force III. The grey haired kid in the photo above, for example, is supposed to be the only person in 1,000 years that can (or has) evolve(d). I suppose it's possible that I won't evolve at the end of this dungeon, or that everybody in Shining the Holy Ark dies or something at the end, I dunno, but I find this all pretty interesting, seeing how the games do and don't die together. The other problem, of course, is I'm dealing with a translation from Sega in the 90s and a fantranslation from Shining fans twenty years later, so there could be discrepancies that weren't there originally. Who knows!
I found another tie-in with Shining Force III, this time in terms of graphics. Below is a statue found in the Tower of Illusion dungeon, the one I'm in now (which was a huge pain in the ass to get into, btw - I looked up the answer. You walk around this area a certain way and it opens. The clues are cryptic and the order you do it in is not clear. Thankfully, once you've done it a single time, you don't have to do it again). This is the statue in Shining the Holy Ark:

This is one of the Great Priests in Shining Force III:

These guys are not explained in depth in Shining Force III - there are good and evil ones, it seems. The one above helps you, but you fight three "evil" ones later on. So you know, that's all neat. Apparently at the end of the dungeon I'm in, I'm going to "evolve" which was a plot point in Scenario 3 of Shining Force III - what's weird is, if it's true that I "evolve" at the end of Shining the Holy Ark here, that kind of contradicts what happens in Shining Force III. The grey haired kid in the photo above, for example, is supposed to be the only person in 1,000 years that can (or has) evolve(d). I suppose it's possible that I won't evolve at the end of this dungeon, or that everybody in Shining the Holy Ark dies or something at the end, I dunno, but I find this all pretty interesting, seeing how the games do and don't die together. The other problem, of course, is I'm dealing with a translation from Sega in the 90s and a fantranslation from Shining fans twenty years later, so there could be discrepancies that weren't there originally. Who knows!