Mariano Suárez-Alvarez' "natural guess" is approximately what is known as the Girard decomposition of implication in linear logic, which he invented.
In proof theory, the idea of linear logic is that it is about resources and instances of a hypothesis are "used up" in a proof. So if $A$ needs to be used twice to prove $B$ then we have $A\otimes A\multimap B$ but not $A\multimap B$. The connection between linear and intuitionistic logic is made by introducing an exponential, written $! A$ and called "of course $A$", where $! A$ is as many $\otimes$-copies of $A$ as are needed.
There are lots of semantic models of linear logic based on combinatorial or order-theoretic (or topological) ideas. By the analogy between lattices and topology on the one hand and rings and algebraic geometry on the other, there ought to be models based on commutative algebra. This is what the question asks, but I have never managed to make it work and I haven't heard that anyone else has done so.
I am therefore just putting the ideas from linear logic and category theory on the table, so that a commutative algebraist might try to turn them into a successful solution of the problem.
The models that are known are qualitatively like the situation in the question. There is a "spatial" view that is dual to the "algebraic" view. Where in proof theory we have intuitionistic and linear proofs (allowing multiple or single use of hypotheses), the maps in the algebraic view that are dual to continuous maps are homomorphisms for algebras that have multiplication as well as addition. Behind these are linear maps, respecting only the addition.
The usual binary connectives $\land$ and $\lor$ of intuitionistic logic split into additive and multiplicative forms in linear logic. Those for $\land$ are written $\times$ and $\otimes$, exactly corresponding to the (categorical) product and tensor product in linear algebra.
However, the familiar case of finite dimensional vector spaces over a field is of only limited help in understanding this structure. This is because the (categorical) product and coproduct (the additive forms of $\land$ and $\lor$) are the same. This is also the case for the multiplicative connectives.
Jean-Yves Girard writes the dual of $\otimes$ as an upside-down ampersand, but I will use $@$ here. If the category of linear maps is self dual, we have $A@B \equiv (A^{op}\otimes B^{op})^{op}$. For finite dimensional vector spaces over a field, $@$ and $\otimes$ are then the same thing, but in other models they need not be.
The $!$ operator links the linear and algebraic categories. but once again we need to go via the opposite categories.
The Girard decomposition is then $C^B\equiv (B\Rightarrow C) \equiv (!B)^{op} @ C$.
Here seems a good place to plug the book Proofs and Types that was written by Girard and translated by me and Yves Lafont. It is a first introduction to logic and proof theory, but was written while he was first developing linear logic and contains some material about it, though the subject has moved on a long way since then.
Now to return to the question, writing ${\bf A}(A,B)$ instead of $\mathrm{Hom}_{\mathrm{Sep}(K)^{op}}(A,B)$.
First let $C=K[x]$, the polynomial algebra over $K$ in one variable. Then we require $$ \mathbf{A}(C^B,A) \equiv \mathbf{A}(C,A\otimes B) \equiv {|A\otimes B|}, $$ the underlying set of the tensor product.
If I were doing topology here, I would let $A$ be (the lattice of open subspaces of) the one-point space, so $C^B$ would be the set $|A\otimes B|$ equipped with some topology. I will leave it to the commutative algebraist and algebraic geometers to fill in this step.
To generalise from $C=K[x]$ to an arbitrary algebra, we express it using generators $G$ and relations $R$ and therefore as a coequaliser. This makes the hom-set an equaliser.
However, I need to point out something that makes me suspect that this strategy is going to fail: assuming that the base field and therefore the algebras have infinite underlying sets, the algebra $C^B$ is going to be a polynomial ring with infinitely many variables, or a more general algebra with infinitely many generators.
It's not going to work with finite dimensional algebras over the field.
The thing that saves the day in the order-theoretic models is Scott continuity (preservation of infinitary joins). There is no analogue of this in commutative algebra.