I don't see any reason she couldn't pull it off if she can sing. She's proven herself as a strong and versatile actress, with different kinds of comedy and especially last year's Oscar-nominated turn in the drama Can You Ever Forgive Me.
I don't know if she has the powerhouseness the role needs, but also on film she shouldn't be chewing the scenery with drama teeth. So maybe it will be a great pairing. But it also might mean people will see it.
How amazing if TWO of this year's Best Actress Oscar nominees get musicals made (Gypsy and Sunset Blvd). Maybe a 3rd, Lady Gaga, can get Passion made with her as Fosca, or a new Evita film, or LaChiusa's The Wild Party!!