According to what I see in these screens, it looks like the second player can use a Luma to help out, but thats not a confirmation.

Update:

Below is the translation of Peaches letter to Mario and of the game summary from the scans above.

Peach’s Invite:

Dear Mario,

Do you fancy watching the shooting stars, whilst eating cake?

I’ll be waiting at the castle.

Peach.

Story summary

‘This is one more stardust fairytale. Only once in a hundred years does stardust fall on the mushroom kingdom. As such, Peach invites Mario to the castle to watch. On his way over, Mario spots a mysterious light. He cautiously approaches it, and finds… a small, lost baby star. The star – ‘Baby Chico’ – follows Mario to the castle, but what is waiting for them there is…’

Link