As someone who has, yes, yes it will. I played all stories and just focused on stud grinding before going for the collectables. I believe you unlock at least one character of each type by doing stories first.

I wish you luck in your adventure.

It does suck the DQVC stuff had exclusive quests and stuff and now it's no longer accessible. A lot of fun things lost to time...

But yeah, it is totally mind-blowing how they managed to fit such a fleshed out game on that little cartridge. Still one of my favorite DS games to this day.