Well, I think it is a great idea to be honest. Not too sure about that theme persay. I think what would make that a little more difficult about the original pirates ride is that I was on it like 12 years ago. I don't really remember what it looked like in great detail.
But I think overall a community project would be pretty neat, get some concept ideas and art into a thread pool together peoples resources as far as modeling, texturing, rendering, and such and then show it to the world, this is what the SM community can do. Not only does it give everyone who participates some awesome background work and practice but it would probably also strengthen the community, introduce more people to each other.
I think it is a great idea and I would love to support it and take part if we could ever get one started and would offer up any and all resources I have to contribute.