Is making a "mod" game from an already existing one like Dishonored 1, is it allowed?

You can’t make it an in-game DLC without support from the game itself.

However, you can build all the necessary additional code/files, and put them in an installer, and point the installer at the install directory for the original game.

You then host it on your own website for download – I don’t think Steam supports games that require the purchase of other games first, to work. (Could be wrong, though.)