It helps to know that SB won the Tony as best musical in a season when it was the only new musical that opened on Broadway!
I think the original movie is inimitable. It's mix of noir, gothic, and satire shouldn't work but it does. In large part, because of the casting. Who could be Gloria Swanson? From where would you get previously unseen footage of a silent movie that featured the main actress in her youth? Who could play the butler with the authority that Von Stroheim brought to the part? Can you call up Cecil B. DeMille to play his part again? Or Hedda Hopper? Could you find someone with the comic authority of Buster Keaton to play cards?
You might find someone as sexy and talented as William Holden again...but I DOUBT IT!