When Hillenburg said that, it really was supposed to be the end. He thought the show was going to be done for good. (Unless I'm missing something)
I guess it could work... but I believe the show has no official continuity. I don't think the writers really care if things connect or if a timeline is there or not. Take away the movie, post-movie contradicts itself in many ways, to the pre-movie seasons. And even the pre-movie seasons have contradicted other episodes. If anything, each episode is set in their own universe... or maybe each season is set in their own universe, aside from a few things.
Like I said, I don't think the writers care about an continuity timeline.