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I really like the idea of Blackadder set on a pirate ship (especially if they could get Tom Baker involved).
However, I think that would be going against 'the rules' of the show. Each series has taken place chronologically after the last series, so to set it on a pirate ship, they would have to go back in time.
A colleague and I were talking about this over lunch, and he suggested this idea - Blackadder set in the 1930s, where he runs an upmarket London hotel. The setting would be perfect as it would give the scriptwriters licence to feature guest stars playing celebs of the time (Noel Coward, Oscar Wilde, Gracie Fields, Agatha Christie).
The only problem is that any sitcom set in a hotel is going to be held up against Fawlty Towers...and this would be especially true of Blackadder, because to all intents and purposes, Baldric is Manuel.