I don't think a Toon Lagoon conversion to SpongeBob will be as difficult as it sounds. The foundations of TL are fine, it's just not a land that you can enjoy if your not interested in the rides themselves with no relevant IP to keep you there. Having two water rides next to each other is fine, issue is you need to provide something dry. You don't necessarily need a ride, but a theater show could work.
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Basically split between 3 sections
- Glove World - where the theater/carnival games currently are. "Cover" the TL Theater with a Glove World facade/backdrop and put a flat ride in the courtyard area out front. Put theater entrance somewhere
- Bikini Bottom
- Jellyfish Fields - Popeye's area. If you repaint the rocks from orange to purple, you get pretty close to the SpongeBob aesthetic without doing much else here. It's pretty remarkable how close this area resembles SpongeBob, just needs a paint job.
Dining
- Krusty Burger (Comic Strip Cafe) - would pay for a whole new theme park on its own. It's a massive QSR location, really just need to work on the façade.
- Chum Bucket (Gasoline Alley) - convert to a counter service offering "chum" fries and whatever crazy things they can come up with. Should be easy to eat items, something to walk around with.
- Kelp Shakes (Wimpy's) - need to provide some sort of reason to make this location more popular/unique
Retail
- Barg 'n' Mart (Toon Extra)
- M&G Exit Shop (Wossamotta U)
Attractions
- SpongeBob Stage Show
- Flat Ride - something for kids to do themed to Glove World
- To Be Named (Ripsaw)
- Jellyfish Field Rapids (Popeye's)
- Meet & Greet Space (choice ala Princess Fairy Tale Hall) - Enter via SpongeBob's house (approx. AP lounge), indoor queue, etc. Exit through the gift shop (Wossamotta U)