Does it handle altcoin wallets as well?
No, not yet. The bitcoinj library I am using to do all EC-Key related stuff and conversion to/from base58 address format (after importing from wallet.dat) only knows the parameters needed to create bitcoin addresses (It can be given different parameters for other coins, maybe (probably) this would work but I haven't tested it yet).
The low level wallet.dat related code itself (the parsing of the Berkeley file) should work (or easily be adaptable) for all altcoin wallets that are based on the bitcoin core client.