I think this could potentially be really good. The original skit like the majority of SNL's stuff felt like it was the beginning of a good idea that they didn't have time to develop. There was no real story he was just kind of there. Yet the character in spite of that really caught on. His appearance in this years Bill and Ted always get a strong audience reaction.
If it goes over well, I could also see it being the Bill and Ted replacement. With it being animated and VO work being fairly easy to get, it could even be a way to have Tom Hanks in an exclusive performance in the park, which would likely be a pretty big draw.