What if Peggy in Showman's: The Shadow takes the place of Captain Feathersword, since Cap'n Cackle has a terrible reputation and they likely would not want to bring him back, and give this opprotunity to Peggy to be on stage with Showman, Johnny, Harry, Tony, etc.

Since also Peggy was a Showman & Friends character, they would most likely want to use her and she has no incidents tied to her name.

tldr: Peggy 2.0