I saw a concert-style production of REDHEAD some years ago--definitely a long, long way from the level of a Broadway production on all aspects, so I'm not making comparisons on those grounds--but I was so disappointed in the material itself. Maybe a Sutton Foster (as suggested below) could pull it off, but I found everything landing with a dull thud.
I had a much better time at a similar production of ONE TOUCH OF VENUS. I think a major revival of that would likely fail, but I laughed and enjoyed even the corny jokes. Not so at REDHEAD.