Well, uh, I hate to burst your bubble, US, but I'm already writing The Evil Bread as a novel, by taking the sentences and recording them in a Microsoft Word document. I'm also dividing the story into chapters to make like a novel, and have edited the spelling mistakes, etc. In addition, the beginning of the story, which starred Mario, Luigi, Toad and Peach now stars the Five (or, as they were back then, Four) Knights (namely, us). I've also added what I call "editor's commentary", where I add little comments eto the story every now and then. There will also be a commentary-less edition, too.
So, I've already been working on it, which means that you'll have one less thing to worry about. But if you meant writing an independant spinoff-type novel, then I encourage you to do it. This means that, some day, there will be an Evil Bread novel (or two), ongoing story, AND a sprite comic, thanks to Masher. But, *ahem*, when are we going back to the story? I forgot where we were...