Why would Paramount spend two years developing this as a possible finale when the show was renewed for season two in November 1987?
EDIT: And the 'Enterprise-K' just looks like the Millenium Falcon going in reverse without the pod.
EDIT (x2): Easiest way to find out if its real is to ask Dan Curry. His name is on storyboards they present in the thread.
I will admit, I was surprised to see "Commander Ryker" on a script from as late as 1988. I didn't want to be the one to call it out, but I am dubious.