Create a skit in which the cheerleading team is going to Hollywood to show that cheerleaders have skills other than just enthusiasm and spirit. The skit could involve the cheerleaders trying to get various jobs in Hollywood. Have one apply for a singing career, one for an assistant producer and another as a promotion's agent. They can show their talents to the Hollywood hiring agents by singing, acting, and presenting marketing plans.
Celebrate the history of Hollywood and create a skit in which the cheerleaders honor the celebrities from multiple eras. As an example, if it was the early days of film in Hollywood, some could dress up and impersonate famous actresses such as Marilyn Monroe and Audrey Hepburn. For more modern actresses, they can impersonate Scarlett Johansson and Megan Fox. The girls can dress up as the actresses and act out a short piece of each star's famous roles.
Create a skit in which your small-town cheerleading team is going to the big city for the first time. They can learn about the history of Hollywood by running into and interviewing people playing famous directors such as Steven Spielberg, Tim Burton and Quentin Tarantino in an effort to find out what makes a good movie. They then create their own movie idea and pitch it to those three directors by acting parts of it out in front of the directors.
These skits can be used for a school presentation or as a fundraiser for the cheerleading team. If tickets are sold for the event, half of the money made could be gifted to the school as a donation from the cheerleaders and the other half kept for expenses if it's a school cheerleading group. If it's for a private group, the sales can be used to offset expenses.