Sorry 3 years late to this one. Just stumbled apon it. I always thought a Mad Mag Pinnie would be great and endless possibilities too. How about one based on Mad's satire of Movies. You could have one based on Mad's version of Jaws or their version of Indiana Jones. Perhaps you could have a machine based on "A Mad look at" space or music or something.
Who wouldn't love to the sound effect on a Don Martin inspired machine, Pwee! Pfffft! Sproig! Ploobadoof!
Better yet whack it all together and you could really have some fun. And yes I too was Mad about Mad and collected them religiously. I always loved Sergio Aragones Marginals.
