The official Toejam and Earl Facebook-page have replied to a comment asking if the soundtrack for Toejam And Earl: Back In The Groove will be available on vinyl. The response was: “Yup we’re working with IAM8BIT and will be releasing something like this. We have more music to make first though.”
From other comments regarding music it seems to indicate that composers Burke Trieschmann and John Baker from the previous Toejam And Earl games have been involved with the new music (some music are remakes of older tracks).
In a backer update on Kickstarter from Februar 11, 2017 they shared the first mockups of the release and mentioned it would be distributed via IndieBox. It’s unclear whether they’re still partnering with iam8bit for this release.
No release date ETA as of February 2017.