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Yeah, VGMix was more of a community rather than a label. I can't speak for everyone who was active there at the time, but any albums spawned from them were primarily original ones from friendly competition. (And yet the only album I can remember from such an endeavor, for obvious reasons, is Gwilym Logan's "The Meinpenis Zeitgeist"...) Either way, the closet thing to an album release from VGMix 2 in particular was the Cave Story Remix Project. It had a lot of faces active there at the time, and a lot of the organization happened through a forum thread But it was never hosted on VGMix itself, and k-wix released it independently. You also need to remember that it was 2005, and there weren't as many album-producing VGM communities as they are now, so whether VGMix staff wanted to go through with publishing albums in the first place is anyone's guess.

AFAIK, it did not have any album projects.