I'd say it'd be unlikely for a few reasons. At around this time Japan was still dealing with a wave of unrest and rebellions that were more or less at their height, and while not quite stretching them thin, it did end up creating enough headaches that most officials didn't feel they could devote the resources to overseas expansion - the punitive expedition was a good way to demonstrate Japanese military muscle without protracted long-term engagements. Effective Japanese control might be limited to just the key ports, given the Taiwanese hinterland is much more substantial and better-suited for native resistance than the Ryukyu Islands. Even then, the lack of a crushing Chinese defeat like the First Sino-Japanese War would probably inspire resistance among the Han settlers, which could make things ugly. I think the island would remain a secondary concern for Japanese colonisation regardless, the priority at the time was settling Hokkaido and Ryukyu.