If it's encrypted then I'll be on my way as I assume that halts things, but I'm posting here to see if anyone knows what this is, or if anyone is willing to lend a hand. I could pay out a monetary bounty if we could successfully dump the archive as well if that would get more interest for it.
The game has a launch option of "-wizard_pak" that packs loose files of the data folder into a new data.wak and overwrites the old one, but it cannot unpack as far as I know.
I'd rather not post the Data.wak file here in the thread publicly because it's the majority of the game assets aside from audio, but if someone is interested in helping I can PM the file to you.
Here's the first bit of the file in HxD:

I read the FAQ and hopefully I got everything in order here.
Let me know. Thanks!