Nothing personal, but this idea is ludicrous. The Spanish infrastructure was almost nonexistent in 1939, there were literally zero modern machine tools in the entire country and virtually no skilled workers. Spain had no way to protect her ports (or the ships in them) from air or sea attack, and the Spanish army was, simply, not prepared to fight again. It had few heavy weapons, few (and obsolete) aircraft and a huge coast to protect. As for politically untouchable, apparently you're not paying attention to the fact that Great Britain literally attacked her own Allies to keep their ships, ports and airfields out of German hands - as well actually launching an invasion of neutral Norway that ironically was beat to the punch by the Germans. Historically, the Allies also invaded both Iraq and Iran, occupied Iceland and had plans well underway to invade Sweden and bomb the USSR that were only called off due to some minor inconveniences in France. Finally, basing surface ships in Spain makes little sense, for the same reasons that the KM withdrew all their major ships from French ports and in fact based only a handful for a short time in the first place- vulnerability, lack of repair capability and logistical concerns. Also, in case you don't have a map handy, most shipping from North America passes closer to France than Spain. While shipments too and from India and Africa would be affected, that wasn't Britain's lifeline.
Not a crazy idea at all. If Albert Speer could increase German war production while Germany was being bombed incessantly from the air, using a lot of concentration camp slave labor, I wonder what he could have accomplished with Spain as a secure rear area. After all he was able to build V2s in underground factories using slave labor. I have no doubt he could have set up even a limited amount of production in Spain.
As far as shipping material through the Dardanelles, I don`t know how much transited the straits. It was definitely one of the reasons the Allies invaded Sicily instead of Sardinia as well as reopening the Med to Allied shipping to the CBI and Far Eastern theaters.