Absolutely agreed that the best possible person to have made that movie in the mid-80's was Bennett himself. He clearly was experimenting with ideas for just such a film with his staging of the show's opening that opened the Tonys that season. I just wish that he hadn't been so stuck on his own concept, written about above, that was anything but a movie adaptation of ACL.
As I wrote elsewhere in this thread, he could have made a fairly straightforward adaptation of ACL and THEN made an original movie musical about dancers auditioning for a film adaptation of a Broadway hit that would have only benefited from whatever his experience would have been making ACL. It would have been win/win...we all would've gotten a better ACL film that probably would have done better at the box office and we would have gotten an interesting film experiment from Bennett.