Take the audio from the original Transformers cartoon movie and then reshoot each shot using the toys. Either the originals, updated versions, customs, and anything in between. There are a fair amount of accessories that are Movie gimmicks. The alternators hotrod has a fishing pole, you can get a Unicron head from the Takara Primus. There are even 3rd party Spike and Daniel with an Exo-Suit set. Close up shots could use the masterpiece toys, shots with the city can use the worlds smallest transformers to go with the Metroplex which wasn't that big. Overall probably pretty doable. It wouldn't have to be stop motion and could very much play on the idea that it is toys being pulled by a string or similar gags. Overall it would probably be a ton of work and entertaining to watch once. As far as distribution goes it could probably only be shown at botcon. The video would be a parody, but I don't know about the usage of the audio.
Less work and a better first attempt would be to just create a five minutes sequence like this. From this it should be clear how much fun a project like this would be.