Hmmm.. Technically, doesn't ThePin need to know that it is a lie, in order to suffer TheConsequence - and that is must exist in the past..?
For instance, if he states that he'll get hit by a car, there can be no nose growth, as he does not know that is it is a lie - however this statement is predicated on the fact that because it exists in the future, he does not have finalization on the outcome - yet. This is the basis for all "lies", in essence, isn't it?
If you state something that will occur in the future, you cannot possibly know if it is true or not, until that point in our linear experiencing of time, passes. This means, that you cannot make FACTUAL statements that are incorrect, using future events. This also means, that Pinocchio's nose cannot grow from the statement, as the point in time of growth, as a result of the statement, has not passed, in my personal analyzation.
Then there is the arguement of "Well, once he states it and it does not grow, the statement becomes false and becomes a lie..". However, this is incorporating two specific points in time that cannot possibly exist at the same instance, both in how humans (and puppets) experience Time linearly, and how one defines the term "lie" or "lying". What I mean is, the definition of a "lie" is that the speaker is speaking an untruth (knowingly or not (perhaps out of simple ignorance of the occurrence)). This means, that the "lie" cannot be solidified as Truth or Untruth, until the specific point in time, dictated by the phrasing of the statement, passes.
Summarized then, untruth about the future (something that has not occurred yet) cannot be utilized as a weighing factor, since the outcome is not finalized - meaning that statements about the past (knowingly false or not) can only be used, to dictate nose growth. Ergo, the answer to Phil's Query (and a clever one by TheSmartReviewer) is: the nose will not grow.