I know it sounds strange, but this dip is actually quite good. I served it to our community group and had them guess what was inside - most people guessed avocados, no one guessed peas!
Like you, I had second thoughts about mixing peas into a dip, but they were cheap (83 cents for a bag) and there are LOTS of recipes using them in this way so I went for it.
10-12 oz frozen peas, defrosted (I just ran under warm water for a few seconds)
pinch of cayenne
salt and pepper
(red onion would be good too, and I thought about adding a little pesto instead of cilantro but someone in our group has a peanut allergy and I didn't know if the pine nuts in pesto acted the same way as peanuts!)
Mix up in a food processor, put in the fridge until ready to serve. Everything I put in was to taste, and I added the cayenne at the end for a slight kick. Since the flavor of peas is surprisingly strong, taste as you go. I served with tortilla chips.
The nice thing about this, other than how cheap it is, is that unlike guac, it doesn't brown. It is VERY green which can be a little alarming, but it's good!