I agree the score is superb and the OBC recording provides great pleasure. I would separate the two aspects of your question to #1--is the premise still workable? Yes. #2--is the book still workable? I doubt it ever was. I saw a small but excellent production some years ago. The book was excruciatingly boring--and pretentious.
As with so many other musicals, the enjoyment from the LP or CD doesn't carry over to the full show unfortunately.