Just saw a great production of it in Austin, TX, and I completely agree. With the right theater and the right cast, it could be a hit on Broadway. Still, I think if it ever happens, it'll start with an Off-Broadway revival that will transfer to Broadway.
The original Off-Broadway production had the misfortune of beginning previews in September of 2001. Needless to say, like so many shows around that time, it failed to find an audience.
I think the revised version could easily be staged on Broadway, either staged more elaborately or kept small. Whether or not it would find an audience and make any money is anyone's guess.
It's not the physical scale of the production that makes it unfit for Broadway, it's the material. I love the show, but it is campy and slightly amateurish.
I can't imagine it finding a large enough audience to support the cost of a Broadway mounting.
It doesn't feel like the kind of show that would draw people to plunk down $150 a ticket. A small Off-Broadway house as someone earlier stated might be a fit.