I'm putting this out here in hopes that some talented people like the idea and decide to work on it!
There should be a mod that replaces Pequod's model with Squidward, and replaces his (voice) audio files with ones for Squidward. For example: "This is Squidward! Arriving shortly at LZ!" (hopefully it's possible to make our own lines out of original Squidward voice lines).
Spongebob as Snake
Patrick as Miller
Mr. Krabs as Ocelot
Garry as D-Dog
Quiet or Flaming Buffalo as Sandy?
Fish as Outer Heaven soldiers
S++ Combat Unit staff as Larry the Lobster (maybe?) Plankton (or another villain) as Skullface
perhaps other fish as enemy soldiers
And hopefully, it can advance to a well-developed mod, with suitable audio files to all the characters, and everything as Spongebob/Bikini Bottom as possible. Also, it'd be best to censor violence (e.g. remove blood).
Now that I think of it, the game Battle for Bikini Bottom might be a very good source for files to be used.