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I personally think no. He has similar height and head size, but for a few reasons I think no.

Firstly, he has blue skin. Thats a pretty big warning sign.

Secondly, while they share head and body structure, kaos has a unique pouty mouth and large jaw, as well as a very pronounced brow. Blastermind on the other hand has a kinder, more compassionate face. In his figure hes serious, but in game his definitely a fun loving guy, who naturally smiles all the time, with all the oposite features to that of kaos, who is always brooding.

Finally, kaos has the powers of a portal master, whereas blastermind doesnt. Portal masters have teleportation powers, and the ability to turn living beings to toys and vice versa. Blastermind is a powerful magic skylander, but nowhere near portal master level.

I personally think that blastermind is a young adult who attends a skylands college, and is a member of the colleges hide and sheep team. The uniform he wears as a figure is the hide and sheep uniform, and his crystal hat was originally a helmet. What do you think?

I have to agree with your statement. Different skin colour most likely means they aren't related. But who knows? Maybe blasterminds skin colour changed when he found the crystals....

I'll say no, but they have a striking similarity to them...white sheep, black sheep type deal.