Visual design: The street would be have a central raised stage, with "hidden" (behind walls or curtains) wings on each side. In front of the stage would be a "pit for the audience." The stage should be high enough that speech bubbles from the audience don't block the performers. (Blocking by jumping is fine because the stage has to be low enough that it is seen by people in the pit.)
How it would work/special features: A group would be able to rent the street for a specific date and time block. (I imagine would have to have a certain level of Bureaucratic Arts and would have fill out a bit of paper work but the interface for rental could be out of game, like the real estate pages.) This would require a group currant account. Another solution would be that an individual could rent it and then put names of performers on a list. This list is important. Only people on the list would be able to stand on the stage or the wings.
On an adjoining street, there would be a ticket booth. The renter can set whatever price they want (including free) and all door proceeds would go to the renter.
In my dream would, there would be a way to have chat panel that:
(1) allows people to view but not post in unless you are on the performer list.
(2) allows Glitchens to have different names so that you can have their charactrers' names.
But I wouldn't want this to replace the local chat (because the audience should be able to talk, yell, be groundlings as it were.
Best would be also a limited "sound board" interface that the renter can assign to a stage manager. Things like "show is starting fanfare" and "thunder" and the like.
Performers can stand in the wings to change costumes (tricky right now since you have to reload to have the costume reset... but still doable).
I will probably add to this.