[cushychicken]

I did what you're asking about, and it worked out just fine for me.

You don't have to tell anyone that your decision to pursue your other project was partially due to being laid off. It is not dishonest to just not bring it up. (Contrary to what some interviewers and interviewees seem to think, it is not your obligation to share every shred of detail about your life and work circumstances to your prospective employer.)

I ended up taking another job after about a year of working in my side project and consulting. I was able to talk openly about what I'd learned doing both of those things, and it didn't hamper my job prospects in the slightest.