Well, let's face it, there should also be a Miller, Williams, Porter, Merman, Kern, Berlin, Lerner, Loewe, in addition to Hammerstein or Sondheim. Even though there is a legacy attached to certain names of theatres, like the Imperial or the Majestic, I have to say I wouldn't complain if they wanted to rename the Imperial the Merman or the Majestic for Hammerstein. Or give new names to the St. James, Music Box, Longacre, Ambassador, Circle in the Square, Broadway or Studio 54.
It's a little more disturbing when theatres already named for someone get renamed, like the Martin Beck for Al Hirschfeld (not that he didn't deserve such an honor). Or the fact that we have not one, but TWO theatres named for drama critics, instead of playwrights (not to mention that I'm not really convinced that one of those critics deserved the honor, given his track record).
Begin at the beginning and go on till you come to the end: then stop.