Clever, but that would have to be really forced to make it work fully. In the cartoon, if I remember correctly, the GB were superstars and pretty much loved by all. Also, the supernatural was pretty common place and easily believed. In GB2, the implication was that the GB were frauds and were properly shut down and were, more or less, disgraced and considered has-beens.
Also, legally speaking, if they were sued by every "state, county, and city agency in New York", I highly doubt they would have even been allowed to continue business until the cases were settled.
Well, in the Real Ghostbusters continuity, the events of the cartoon were the true story, and the movie was a fictionalized account of their real beginnings. That means GB2 was fictionalized as well, and it could've been a greater divergence from "reality."
Of course, I don't consider the later seasons of RGB (after J. Michael Straczynski left) to be quite "real" either. I guess I don't really buy the idea of there being a coherent "reality" to the GB franchise; it's just various different works of fiction based on the same premise, interpreting it in various divergent ways. But in my mind, when I think of the Ghostbusters, I think of the version from the first 65 episodes of RGB first and foremost.
It's been a long time (maybe I should get the DVDs) since I've seen RGB. How does the cartoon deal with the events of GB1 and 2?
As stated, GB1 is treated as a fictionalization of the "real" formation of the Ghostbusters, but the real events are assumed to be pretty close to what's in the movie, and they did do that flashback episode ("Citizen Ghost") that depicted the events following the movie and how they led to the RGB status quo. It was actually one of the smoothest TV continuations of a movie that I've ever seen. Usually there are deliberate changes made in a movie's premise to make it more practical as a weekly series. (The events of Starman were retconned into the '70s so the lead could have a teenaged son in the late '80s. Men in Black: The Series ignored K's retirement and had L join before J. Stargate SG-1 changed the nature of the Stargate network and the parasitic aliens and even altered the spelling of the main character's name. And so on.) But despite the "movie based on real events" thing, the series didn't really contradict the original film in any significant way. (Well, aside from the Sta-Puft Marshmallow Man still existing and being captive in the containment unit, and being a separate entity from Gozer.)
As for GB2, there was never really any strong continuity between it and the animated series. The movie treated RGB as though it never existed (which of course was its prerogative as the core material of the franchise), whereas RGB just revamped itself at the start of its fourth network season to be compatible with GB2, adding Louis Tully to the cast with no explanation and making occasional references to the events of the sequel. There was no real effort to construct a coherent continuity, even within RGB itself.