This was a staged reading of the play. The director wanted to update the characters, to make them more accessible to modern American audiences. So she moved the setting from 1770s Bath to 1870s New Orleans, and replaced the British archetypes Sheridan was making fun of with American archetypes. So Sir Anthony Absolute became Col. Anthony Absolute, a Kentucky colonel, Lydia Languish became a southern belle, Luke O'Trigger became a Texas cowboy, etc. Her decision to make one of the servants, David, a gay Cajun was a little strange, but the actor carried it off.
This production was used as a test of the director's concept for a later full production. Based on the audience's positive reaction, StageRight produced a full production in 2006. It was not quite as successful as the reading, mainly because most of the original cast was unable to re-create their roles, and some of their replacements weren't quite up to the challenge.
The basic idea behind the concept seemed to work well. Don't be afraid to try shaking things up with older works like this. After all, people move Shakespeare's plays to all kinds of different times and places. Why not experiment with Sheridan?
Above all, have fun with this. The audience can sense if you're not having a good time, and that will rub off on them.