Myself, i don't see it.
Yeah, people can say all they want about the closeness between love and hate - and maybe it might work for the occasional Sam and Diane or Addison and Maddie, but given these particular two, i don't see a compatability.
Piggy, despite her love for Kermit, has a healthy libido. She has her crushes and flirts shamelessly with those she is attracted too. In this, she reminds me a bit of the boy-crazy teenage girl (you know the type - has all these poster of celebrity male crushes in her locker and obsesses so much about marrying them that she doesn't even notice the actual guys around her in real life - or wouldn't give the guys in her pin-ups the time of day if they weren't celebrities and just went to school with her). She like what (and who) she likes and doesn't hold back. She also doesn't hold back when something (or someone) disgusts her. Gonzo (regardless of his feelings towards her) is a...thing(!), a weird creep. Almost on the same level as a rat. One element of Piggy's character is that she loves attention and being admired - but there are limits. They have to come from the right kind of admirer - Gonzo is not in that category.
Interestingly enough, while of all the Muppets, Piggy is the female character who probably has the hugest libido, Gonzo would probably fit that category in terms of male Muppets (up until the eventual addition of Pepe). Would Gonzo continue his obsession for Piggy if Kermit never existed? I don't even think Kermit is a spoiler here. The greater question is would he still obsess if Camilla didn't exist? I don't think so. His interest in chickens, when it came, came fast and furious and he probably would have been a chicken-chaser even if he wasn't with Camilla (there's often been the question as to whether he's even able to tell Camilla apart from other chickens). Even forgetting chickens altogether, he had a pretty fast and hard and fleeting crush on Madeline Kahn and Julie Andrews' cow. It may take Gonzo a slight mourning period but he knows when it's time to eventually move on. He may be a physical masochist, but not an emotional one.
Consider too the growth in Gonzo's character. Not even over decades but just in the first three years of The Muppet Show. He began with low self-esteem, very naturally down - as Kermit explains to Madeline "he doesn't usually get compliments, so when he does get one he kind of goes bananas." Throughout season two, he grows more confident in himself and gravitates more towards people that are more willing to let their hair down with him or be more willing to go along with his nuttiness. (Which goes along with why he would make such a great pal with Rizzo years later...he can tolerate him and many times share in his same zest) Someone like Piggy would be an initial fascination in the beginning, but as he grows as a person, he can more realistically see her shortcomings and know with a certain degree of confidence that he can do much better.
So take Kermit and/or Camilla out of the equation and i think that organically the relationship between Gonzo and Piggy would have veered on just about the same course with nothing happening between them. Mind you, that's all considering the world of the "real" Muppets...the "Muppet Babies" world is another story...
Muppet Babies, is of course "based on" the Muppets but still very much a seperate alternate universe. One where Scooter is a computer geek (and grew up with the rest of the classic characters) for example. The whole concept of the Muppet Babies came out a dream sequence (so i guess one could really extrapolate on how the series could even be a large recurring dream of Miss Piggy's and what that might say about her subconscious especially considering the rehash of the years-dorment Gonzo crush, but i digress here). In the often politically-correct cartoon world, if there wasn't an obvious "endgame" with these characters where we know what they grow up to become and be like, it's possible that over time Baby Piggy could have eventually returned Baby Gonzo's affections in a Big Lesson about how when someone takes a closer look at what someone weird or different is like, they may get to really like them. Muppet Babies is so emblematic of that whole Learning-Valuable-Life-Lessons-in-30-Minutes convention, that that's the main reason i could see that eventually happening. But take that element away and go by just the sheer strength of the characters themselves, and no - i still think over time (even if it takes the characters into adolesence or adulthood), Baby Gonzo much like adult Gonzo would eventually move on as his rose-colored image is replaced with a more realistic assessment of what he's really not missing out on.
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So okay, having said all that - does that mean, i think there couldn't be any alternate shipper type fantasies of Piggy with someone besides Kermit if he never existed. Sure - but just not Gonzo. I think there could very well have been more of the classic love/hate Sam/Diane David Addison/Maddie Hayes dynamic between Piggy and Link. Or, i must admit one of the more interesting ideas explored in Muppets Wizard of Oz was the possibility of some kind of compatability or relationship with Johnny Fiama - but maybe those are more deserving of their own threads.