I think the other characters have to be fleshed out: I suggest that Ted Danson play the part of a toy designer.
His wife can either a) recently have died or b) be an architect who feels she needs some time away from Ted because things aren't going well in the new toy disigning business. Either way, this is the source of some distress to Ted Jr. At first Ted Snr even thinks the Boglins might be his son's imaginary friends!
Either Joe Pesci or John Polito can play the part of the greedy business man trying to build a mall on the Boglin's home.

Actually Polito will be best because he can wear a wig. And at some point the wig is knocked off his head and worn by a Boglin. Who wouldn't wanna see a Boglin wearing a wig??