I remember the original production. Truly one of the funniest nights I'd ever spent in the theater.
Very much a period piece now, but as you say, a delightful one. I can see it working. People love nostalgia so I think the late 80s setting isn't a problem.
My favorite line went something like: It's not so much a hotel lobby, but a hotel lobby as told by Theodor Geisel.
That's probably not the exact line, but you get the gist.