Ahkay, here it is- I've been itching to say something about it, now I think I can.
The property I'm discussing (and designing as of now) is Teddy Ruxpin. I've been doing alot of research on the show because my memory of which is pretty poor and found some very cool elements.
Part of this thread is to
A) Actually say "Thats what I'm doing!"
B) See what other ideas others might have
C) Layout where I'm going with it, see if anyone has any better ideas or feedback.

Ahkay- Design Goals-
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1) Remain as close to 'canon' material as possible- and believe it or not, avoid *too* much of some of it. Tweeg, LB, and such were a part of the whole scheme from the get-go. Quellor and MAVO, on the other hand, were added by the company undersigning the cartoon and not a part of the original design. According to the creator, Ken Forsse, those episodes of the cartoon featuring Quellor and Mavo
2) Create a scaleable system, so that the game can just as easily be played by a group of youngsters, as well as pre-teens, teens and on up.
3) Keep crunchiness to a minimum, probably looking at 6 siders for dice if any
4) Focus on story-building elements. I want the players to use their characters to construct a story/episode in the world. On a basic level, some things I'm considering are:
-Picking a 'message' (as all of the Teddy shows and even books contained some kind of message)
-Picking some events
-Picking some characters (Older/more understanding RP'ers would use orignal characters, younger kids/unexperianced RP'ers who have trouble grasping creating their own might use "Teddy, Grubby, Gimmick, Wolly, Tweeg and LB")
5) Also considering, for younger players, streamlining/listing it, so we have clear goals, start & stop points
-Introduce Characters
-Introduce Problem
-Explore problem, come up with some suggestions/solutions
-Work through
-Resolve the whole thing (Everyone gets together for a bad joke and laughs as it fades to credits).
6) I want to avoid talking down to younger kids, but I want to provide enough options so someone even a little older can slowly break into the full fledged RPG. Mr. Forsse also expressed interest in something kids could play with Parents and Grandparents. Parents of the newer generations aren't such a big deal - many newer parents GREW UP with Teddy, D&D, etc. The Grandparents, however, might be a different type of sell. Hence, I'm thinking if I focus on the story building and exploration it'll be something for everyone.

Anyway, thoughts, comments, suggestions?
This is still a very rough concept, but I'm fleshing more out steadily.