Am I the only one who immediately thought about doing this when the news came?

Tribute! I love that song!

https://www.youtube.com/watch?v=eWHCRseZrN8

Let's do it! I'll contribute, cheer you on or just listen and enjoy it when it's finished.

I can provide the lack of thrill if you need it for the cover.
 
I mean I will play bass.

I'd love to! I've played this in many bands over the years. But I have a few ideas . . .
 
I can add a bridge, connect it to a "B" part, then a "C" part, then a breakdown, build it back up, send it to a totally different chorus, then take the bridge back. It will have an intro like Oingo Boingo and an outtro like Louis Prima. In between, I'll quote Summertime, the House of the Rising Sun, and the theme from Harry Potter. All paying homage, of course!
 
Or I'll just calm down, have a beer, and listen gratefully to what the forum comes up with!
 
 

I think right now I'd just like to hear it played by the man himself...

Double post

I agree, the original version is probably always going to be the best. But it's a more-or-less stock blues tune that's wide open for interpretation.
 
I was imagining a laid-back Floyd-ish treatment heavy on the Hammond, no drums for the first verse, a Gilmoure-esque delay-heavy slide guitar lead, synth bass and "I am the Walrus" menacing cellos.

How about a "trilless" cover?