If it is a Streets Of Rage esque beat-em-up, I see the playable characters as beeing Tom, Mike and PBR. Tom's special move is a GOMP, where he places the bad guy on a phone then slaps them off screen. PBR will take a bad guy inbetween two pieces of bread and treat em like a hoagie. I'm not sure what Mike's special attack should be, maybe drinking a lot?
I think there should be different powerups based on guests of the show, the PFT powerup has Paul run through the screen looking for good Barbeque restaurants and in effect knocking all the bad guys over. The Spike powerup has Spike's laugh temporarily stun all the enemies while they cover their ears. Laurie from Miami comes on screen pulls out a cell phone, calls Doddy and a giant bag of money falls out of the sky crushing someone. Sometimes though you'll get a Mouse With A Cape powerup, which actually stuns the player by making him laugh.
I think the central enemies of the game should be SCUM Force, the vigilante squad composed of Fredericks, Larry Da Perv and a couple other folks (sorry my memory is hazy). They've come to Newbridge, drugged the residents and turned them into a bunch of slaves ready to do their bidding. The only people out of town at the time were Tom and Mike (because they were doing the show) and Mayor Ziggler (cause Philly rules) and so these three form an alliance to save the town. Too bad our heroes have to take down an entire belt-whipping league, the Zodiac Killer, the boys at the Zieben Under El (I don't know if I spelled that right), Magic Todd Manheim and the Newbridge basketball team, Roy Jr, the employees of consolidated cardboard, and the faces of Massa's tavern.