There is so little information, it's hard to tell what it is they intend to do. It could be a musical or some sort of stage spectacle. Or may end up being nothing more than tossing an idea around. I don't care if the film is from the 80s or not depending on the material or the finished product. The only 80s films I can think of that we've seen as Broadway musicals were Footloose and Hairspray. Dirty Dancing only toured and Flashdance isn't a sure thing yet. But it's not as if those all closely resemble each other in style, story, staging or score.
My problem is, this is an iconic action film. Half the fun of the film is in all the editing sequences of the running around and chasing from location to location. Even the clock tower sequence will lose so much suspense and tension when you remove all those shots, angles and special effects and replace them with one perspective. And there are some properties specifically created for film that are so iconic in their original form (especially action films), live replication can simply never live up to the original that has been embraced worldwide for generations. Star Wars, Raiders of the Lost Ark, Jaws, and ET are similar properties that have reached something of an untouchable status.
"What can you expect from a bunch of seitan worshippers?" - Reginald Tresilian